Understanding Corporate Trustees - Piscataqua Savings Bank

Understanding Corporate Trustees

Obtain Professional Help to Build, Manage and Protect Your Wealth

One of the key estate planning documents is a trust.  A trust is a legal document that lets you reduce unnecessary time and expense of probate court, save taxes and keeps control over your assets while you are living, if you become physically or mentally incapacitated, and after you die.  When you set up a trust, you need to name someone (a trustee) to manage the assets your trust controls.  While you can choose an individual, there are very good reasons why you should consider a corporate trustee.

A corporate trustee can be a bank trust department that specializes in managing trusts.  People select a corporate trustee to act as trustee or successor trustee for them, especially if they don’t have the time, ability, or desire to manage their own trusts.

Take the burden off of family members

Family and friends are not always a good choice to be involved with your trust.  They may be too busy with their own affairs, may reside in a distant area, may not get along with other family members, or may not be responsible or experienced enough to manage the trust assets.  An innocent error, by a well-meaning but inexperienced relative or friend, could negate your careful planning.

Held to a fiduciary standard of care

Because corporate trustees manage trusts on a daily basis, they are familiar with all kinds of trusts, tax and estate planning strategies, and the legal responsibilities of a trustee.  They will follow your trust instructions objectively and faithfully. 

Professional investment management

Corporate trustees give their full attention to managing trust assets — that’s their job.

After discussing your financial goals, risk tolerance and long-term objectives with you, they will recommend the best investment strategy for you. Then, depending on how involved you want to be, they can provide ongoing advice, or even make decisions for you, to make sure your investments stay on track to reach your goals.

Advisory service environment

A bank trust department, that serves as a corporate trustee, is regulated by both state and federal agencies and remain in compliance with applicable laws and tax

A corporate trustee can pay bills, file income taxes, distribute income and assets while maintaining accurate records.  Most have experience with all kinds of assets, including stocks and bonds, real estate, closely held businesses, international investments, and collectibles.

You’ll tap their rich sources of advice and referrals.  They routinely work with attorneys and other qualified professionals as needed.  They can act as the “quarterback” for your family finances on trust, estate, and financial planning matters

Knowing you have selected someone with experience and integrity to manage your financial affairs can be very reassuring.

At Piscataqua Savings Bank, our Trust and Investment Department helps individuals and families achieve their long-term financial goals with specialized wealth management strategies for investment and retirement accounts. We also provide trust and estate administration by serving as a corporate trustee or executor for matters of probate. Contact our Trust and Investment Department by phone at (603) 430-2955 or email trustdept@piscataqua.com to get started with professional, objective wealth management advice and caring trust estate administration.

Not FDIC Insured  |  May Lose Value  |  No Bank Guarantee