What are our Trustee Services?
A trust is created to protect and distribute assets according to the stipulations laid out in the trust documents. A trustee is a person or corporate entity that is given the responsibility of administering the trust according to those stipulations that were established when the trust was created.
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Corporate Trust Funds
A trustee for a corporation generally is dealing with the company’s debt and the sale of bonds to finance that debt. In this case, the trustee, (usually a trust service such as Provident) is responsible for handling bond payments and verification that the company is fulfilling the covenants or stipulations laid out in the trust.
Family Trust Funds
When a trust is created by an individual, it is often for the purposes of protecting and distributing their estate upon their death, or in some cases, for management of their finances while they are yet living, but incapacitated in some way. Many times another member of the family, such as the oldest child, is named as trustee. Individuals or impartial corporations can be assigned as trustee’s of an individual’s trust account. The choice of a corporate trust service is becoming much more common for several reasons.
Corporate Trustee Service Versus Individual Trustee
One of the main benefits of naming a corporate trust service as trustee over naming a friend or family member is the objectivity provided in the administration of the trust. Peace of mind is provided to beneficiaries when a professional trust service is handling the administration of the trust. Individuals or family members who serve as trustees are often suspected of mishandling or favoring one group of beneficiaries over another, which can place the trustee in a difficult and defensive position.
Secure and Uninterrupted Administration
Professional trust services are regulated and audited by layers of internal and external administration. This is in place for the sole protection of the beneficiaries of a trust, whether a corporate trust or family trust. The death or illness of an individual serving as trustee can cause disruption in the administration of a trust, which is not a concern when dealing with a corporate trustee service.
Reliable Advice and Tax Management
Most individuals find that serving as a trustee has complexities that they are unfamiliar with and are unprepared to handle. An impartial corporate trustee has the experience and expertise available to handle the tax and administrative issues which may arise.
“Both internationally and across the U.S., clients and their teams of financial advisors have placed their confidence in us. Provident Trust Group now has over 30,000 clients with over $3 billion in assets currently in custody.”
The Provident Advantage
Provident understands the complexities of changing family dynamics and asset ownership that need to be considered when an individual is attempting to preserve and plan for the conveyance of wealth. Being entrusted with our client’s intents for philanthropic and family support is a commitment that we take very seriously and treat as a true privilege. Our clients rely on Provident to protect their privacy, as well as their assets.
Complex Transactions Simplified
The Provident approach focuses on simplifying the complex. We make sure that our clients fully understand what their options and limitations are in regard to establishing and maintaining a Family or Corporate Trust.
All it takes is a phone call, to begin your relationship with the professionals at Provident, though we’d be happy to meet you in person at our Las Vegas office as well.
Give us a call at (888) 855-9856. We’d be happy to answer your questions related to setting up a trust for your family or administering a trust for your corporation. Whether large or small, each of our trust clients are handled with the same personalized service.