In our headline, we allude not to the high-profile deal-maker in the entertainment industry nor the clandestine operative working for a covert organization. Instead, we refer to entrusting one’s duties and obligations to a professional institution—creating an agency relationship that is well-equipped to act on behalf of others.
A typical scenario presents itself when individuals grapple with the intricacies of estate settlement, particularly for sizable estates. Frequently, they designate a family member as the executor of their will or select relatives to act as trustees for trusts established to preserve and manage family wealth long-term. Upon accepting the role of executor or trustee, individuals may rapidly discover the extensive array of tasks involved. Consequently, they may seek assistance by exclaiming, “Get me an agent!”
A trust company such as Legacy can offer the essential agency services required to support such individuals. These services may encompass the following:
- Meticulous recordkeeping
- Prudent investment management
- Strategic tax planning and return preparation
- Accurate accounting and reporting
- Discretionary distributions in compliance with the trust agreement.
Considering the comprehensive involvement of a trust department, one might ponder the merits of appointing the bank as the trustee or co-trustee. While we concur with this notion, personal factors occasionally intervene, leaving a family member with primary responsibility. In such instances, our role can be customized to address the unique requirements of the situation. We can assume as much responsibility as necessary to facilitate the efficient settlement of the estate or seamless operation of the trust—no more, no less.
To explore our services further, we encourage you to visit our website or contact us to set up a meeting with one of our experts.
If you are a Legacy client and have questions, please do not hesitate to contact your Legacy advisor. If you are not a Legacy client and are interested in learning more about our approach to personalized wealth management, please contact us at 920.967.5020 or firstname.lastname@example.org.
© 2023 M.A. Co. All rights reserved.
Any developments occurring after July 1, 2022, are not reflected in this article.
This newsletter is provided for informational purposes only.
It is not intended as legal, accounting, or financial planning advice.