Trusts established during lifetime and at death require careful consideration and the platform used by our firm is designed to remove conflicts of interest that can potentially occur under the traditional structure of trust management services. Grantors often prefer family members or highly trusted individuals outside the family to a bank trust department due to widely publicized problems associated with a corporate trustee. Individual mortality and trust design often require a corporate trustee either as a successor to individual trustees or due to other factors regarding the design of each trust established by the family.
Bank Trust Departments often manage assets in house with portfolio managers employed by the same institution that is serving as trustee and potentially creating a significant conflict of interest with trust beneficiaries as profitability may outweigh objectivity. Replacement of a corporate trustee due to excessive costs, poor performance or incompatibility with beneficiaries can require burdening the beneficiaries with delays and court costs to facilitate a change.
Trust Design Our consultants work with your advisors in the design of each trust to efficiently transfer assets to future generations. Careful consideration is given to the tax impact of each trust established by testamentary documents as well as trusts created during lifetime. Trusts are established to protect family assets transferred to beneficiaries from possible future threats that can occur during a beneficiary’s lifetime including bankruptcy, divorce and liabilities from litigation. Confirmation of what each beneficiary is to receive and when these distributions are to occur are outlined as part of this process.
Trustee Abridge Partners has established relationships with third party trustees capable of working with simple trusts or trusts with unique characteristics and structure. These corporate trustees are employed independently of our firm to work on behalf of the family in carrying out the instructions outlined in the trust document. The flexibility of replacing these corporate trustees can be accomplished without court costs with proper drafting by your attorney. Investment Management Management of trust assets by our firm follows an identical model to other client assets managed by our firm. Working in conjunction with your other advisers and an independent third party trustee, our consultants work for your beneficiaries in the same manner as they work for you. The investment management of trust assets is coordinated with other aspects of your family’s planning with an ongoing process of coordinating your planning with your family’s other advisors.