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Personal Trust

Together, we've got this.
For you, and those you care about most.

People worry about protecting loved ones and their finances. So we partner with families to carry out their specific wishes in order to preserve a legacy for the family.

Each need for a trust is truly unique. Our team has numerous years of experience planning, establishing and administering trusts of all types. Fiduciary responsibilities are at the core of our values at The Trust Company and we apply those principles across revocable, charitable, special needs and asset protection trusts.

Trusts can accomplish a myriad of asset management and financial planning objectives, including:

  • Reducing potential estate tax liability
  • Avoiding probate
  • Directing wealth distribution to heirs
  • Protecting beneficiary wealth from creditors
  • Providing tax-efficient gifts to charities
  • Providing for needs in case of illness or incapacity

Our team will work with your legal and tax advisors to design and administer strategies that will preserve the products of your hard work and fulfill your plans for the future.

Estate Administration

1. Determine Fiduciary Role

  • Personal Representative – must be appointed by court
  • Trustee of Revocable Living Trust – may be appointed in trust agreement

2. Identify Probate and Non-Probate Assets

  • Probate: Assets in Decedent’s Name Alone
  • Non-Probate:
    • Jointly-held Assets
    • Assets governed by beneficiary designation
    • Assets titled to trust

3. Petition Court to Probate the Will (if necessary)

  • Personal Representative submits original Will to Probate Court
  • Probate Court issues Letter Testamentary to Personal Representative

4. Notify Beneficiaries

5. Manage Assets Subject to Estate Administration

  • Secure real and personal property
  • Consolidate investments into estate or trust account
  • File claims for life insurance as appropriate
  • Liquidate Assets as directed by law and/or estate documents

6. Address Final Debts and Expenses

  • Probate-required notice to known creditors
  • Payment from estate or trust account

7. Ensure Necessary Tax Returns Filed

  • Final Individual Income Tax Return
  • Estate Income Tax Return
  • Federal Estate Tax Return

8. Distribute Assets to Beneficiaries

9. Close Estate and/or Wind Down Revocable Living Trust

Resources

  • Investment Philosophy
  • Estate Administration Process
  • Special Needs Trust

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(865) 971-1902
info@thetrust.com

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