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Trust Administration

Determining how your assets will be managed during your lifetime and then protected, distributed, and grown for your heirs requires thoughtful planning and consideration.

At Republic, we have one priority – you. We offer experienced advice as well as customized trust management for individuals, families, foundations, and endowments.

What is a trust?

A trust is a legal entity into which you are able to transfer ownership of some or all of your personal assets for the purpose of later transferring those assets and/or bestowing benefits from those assets to whomever you choose (a relative, a friend, an entity such as a charitable organization, or even yourself).

The recipient of the assets or benefits is called the beneficiary. Assets moved into the trust are managed by an individual(s) of your choosing called the trustee(s). The trustee manages the assets for the benefit of the beneficiary according to your instructions stated in the trust.

What are some of the benefits of setting up a trust?

  • Your trust can provide you with peace of mind.
    When you establish a trust, you are in control of how your estate will be administered. From providing for your children’s education to making lasting donations to the causes closest to your heart, creating a trust can help to ensure that your wishes and responsibilities are fulfilled.
  • A trust can keep you in control of your assets and ensure that you maintain your standard of living.
    Your trust can include instructions stating that when you are no longer able to administer it yourself, a successor trustee will take over those responsibilities for you. You can further specify exactly how the successor trustee is to use the remaining trust’s assets.
  • Your trust can help to ensure that your children’s inheritance is distributed fairly.
    A trust can be created in which you specify how each child is to receive his or her money. For example, if you have three children, you can instruct the trustee to pay a predetermined amount to each child on his or her birthday.
  • Moving assets into a trust helps to ensure your privacy.
    Unlike a will, which must often be administered by a probate court and entered into the public record, the details of a trust are usually known only to you and those you choose to share them with. Using a trust to transfer ownership of assets to your beneficiaries helps to ensure that many personal and financial matters that you wish to keep private are kept private.
  • Having your assets in a trust could minimize your taxes.
    Consult your tax specialist for information on how moving your assets into a trust may reduce the amount of taxes you are required to pay.

What is a Corporate Trustee and what are some of the benefits of having one?

  • A Corporate Trustee is any entity that you name as the trustee.
    They usually have the experience to administer your trust from day one. How many of the people on your list of potential trustees can say that they are knowledgeable in trust administration? Even if they possess the best of intentions, when it comes to something as important as properly administering your trust, there is simply no substitute for experience and expertise. We are knowledgeable in trust administration, and choosing Republic as your Corporate Trustee means that from day one, your trust will be administered by a team of experienced professionals.
  • Naming a Corporate Trustee ensures that there are no lapses in the administration of your trust.
    When you name individuals as trustees, you risk having to contend with potential lapses in the administration of your trust due to unforeseen events such as an individual becoming ill or incapacitated, moving out of the area, or resigning as trustee. Naming Republic as your Corporate Trustee frees you from worrying about these possibilities and ensures the continuity of your trust’s administration.
  • A Corporate Trustee’s decisions pertaining to trust matters will not be biased by outside influences.
    Individual trustees may be exposed to, and have to contend with, pressures from outside influences, differing opinions, or personal feelings that could affect their decisions about how your trust is administered. Corporate Trustees are concerned only with the instructions you have included in your trust. When you select Republic as your Corporate Trustee, we understand the significance of our obligation to you and respect the fact that you have entrusted us with such an important role. There’s a reason why you had your trust written the way it is written. At Republic, we keep that foremost in our mind when making decisions pertaining to its administration.

To learn how Republic can help you plan for the future, please contact one of our trust professionals at (405) 360-5369.