Benefits of a Corporate Trustee

When developing a plan for the future of your family or business, one of the most important decisions you will face is selecting the trustee that will help you manage your financial future. In making that decision, it is important to understand the role and responsibilities of a trustee.

By definition a trustee is the person or institution who is completely responsible for managing the trust according to the terms set up in the trust for the duration of the trusteeship.  The trustee is held accountable to:

  • Manage the trust in good faith, with prudence and impartiality.
  • Be responsible for the financial well-being of current and future beneficiaries of the trust.
  • Direct responsibility for making investment decisions and monitoring all investments within the trust.
  • Accept recordkeeping responsibilities for the receipt and disbursement of income and principal from the trust assets.
  • Assume responsibility for the filing of any necessary tax returns that are required.
  • Keeping up with complex laws regarding trust administration and diligently applying those regulations to the trust administration.

The competencies of the selected trustee are most important to the successful management of a trust, whether that includes the assets of a 401(k) plan or a personal trust account. As an independent trust company, LeTort Trust is ideally structured and staffed to handle the most complex tasks and oversight required of a corporate trustee.  As an independent corporate trustee, LeTort can provide a level of impartiality that is difficult to find in a family member or employee selected as trustee.

In addition, Le Tort Trust can provided additional benefits as corporate trustee including:

  • The autonomy to make prudent decisions without the conflict of corporate or family interests.
  • The ability to manage the trust with continuity for the long-term.
  • Qualified professionals who are well versed on trust law, tax implications and regulatory changes that can impact a trust.
  • A highly regulated trust company legal structure that provides the safety and security of being held to the toughest fiduciary standards in the industry.
  • The assurance that all of the details will be handled efficiently and in compliance.
  • Procedures to protect your information and keep your money safe.  (Click on our Safety and Soundness Procedures Link for Details)

Safety and Soundness Procedures

At LeTort Trust, our professionals are here to collaborate on your behalf with your accountants, attorneys and other advisors to make sure that all parties are working together for the benefit of you, your company and your family.