When establishing a trust, one of the most significant decisions is the selection of a trustee or trustees. Responsible for distributing income and principal to the beneficiaries of the trust according to the terms you specified in the trust agreement, the role of trustee is a demanding one.
Some individuals name themselves, a family member, or friend; others prefer to choose a trusted financial institution for this important role. By choosing First Commercial as your corporate trustee, you can help ensure that current and future generations benefit from the continuity, prudence, and professionalism that a well-established, reputable organization can provide.
Evelyn Agent, Senior Vice President of FCB’s Trust Services department, stands ready to help guide you and your family through serious wealth transferring issues that can be difficult to discuss. She and her team will spend time getting to know your family’s needs and values. She has the experience and expertise to deal with complex family situations, in a delicate, thoughtful, yet extremely professional manner.
Consider the Advantages of Choosing a Corporate Trustee
- Experience – The trustee you choose has significant responsibility for the financial well-being of current and future beneficiaries and should have years of experience in administering trusts.
- Integrity – Honesty, integrity, loyalty and dedication to the fiduciary responsibility are crucial when selecting a trustee(s).
- Continuity – Because one of the principal reasons for establishing a trust is to provide for the future, it’s important to remember that over the years, age or illness could prevent an individual from performing the duties of a trustee. In naming a trustee, you want to be sure that as your family’s situation changes and time takes its toll, your trustee will continue to be responsive. By choosing a corporate trustee, you help ensure continuity for the full term of the trust.
- Objectivity – While administering the trust document, the trustee should focus on the best interest of all beneficiaries, both current and future. The trustee should be impartial and lack any conflicts of interest.
- Recordkeeping and Reporting – A trust is a long-term arrangement under which accountings must be made periodically over many years to a number of parties.