Preserve the Family Dynamic with a Corporate Trustee
Published in: Personal Finance
Why start a Trust Fund?
Planning for the future can be stressful, especially when it comes to family and distributing your assets. In order to determine where your assets go and who gets what, you should consider opening a trust fund. Setting up a trust fund allows you to secure your assets and ensures that you remain in control even after you have passed. On top of that, trust funds minimize tax and estate fees and spares your loved ones from going through the long process of probate court, meaning the whole process remains private and internal.
It’s our goal to ensure you have complete confidence knowing that your legacy will persist for your loved ones in the future. We understand the desire to have someone you know and trust in charge of your assets, but appointing a family member or friend as a trustee can lead to issues later on. At Town and Country Bank, our Investments and Trust Team brings a combined 80 years of experience, so you can be sure that you’re in the best hands possible.
Why Hire a Professional?
There are many reasons to hire a professional instead of relying on a family member or friend when it comes to Trusts.
“Banks have financial experts who are knowledgeable on the ins-and-outs of IRS and Tax laws, which is crucial to know and can be tedious to learn,” says Jennifer Stice, Senior Vice President and Managing Director at Town and Country.
Banks also have the expertise to manage investments, keep accurate and detailed records, protect and distribute assets, resolve beneficiary disputes, pay expenses, and more, which can be difficult for an individual to manage.
“It helps to have a neutral third party in charge to take the burden of remaining objective over a loved one’s decisions, which protects the family dynamic and eliminates tension at family holidays,” says Stice.
Our professionals at Town and Country Bank treat families as partners so you can be sure your best interests are at the core of this important process.
What About Bank Fees?
While it’s true that banks require a fee, working with a professional makes overseeing your finances much more easily manageable and puts less responsibility on your family. Beneficiaries can hold a trustee legally responsible if they make a mistake or don’t accurately carry out their duties, resulting in a legal mess and tension within the family. To eliminate that stress, you should leave the responsibility to the bank. Town and Country Bank has a diverse group of professionals who are more than happy to sit down and discuss the details of financial planning with you.
Contact Us Today!
Your peace of mind and the well-being of your family are our top priorities. To ensure your wishes are carried out to your standards, contact us today about setting up a trust fund and rest assured that your future is in good hands. For more information about trust funds, visit townandcountrybank.com or call 787-3100.