Trust Administration
A trust is a agreement between an individual who funds the trust, the trustor, and an individual or entity designated to administer assets and income, the trustee, for the benefit of another individual, the beneficiary. The trust agreement can either be established under a will or by the trustor while still alive. The trustor can be the beneficiary or may elect to establish a trust for the benefit of another person, typically a child.
The duty of the trustee is to identify and administer the assets of the trust for the benefit of the beneficiary following instructions outlined in the trust agreement. These instructions may be specific or broad.
Trust agreements are typically created for a wide range of reasons, which include but are not limited to:
- Protecting the assets and/or income AND public benefits of an individual with a permanent disability. This is known as a Special Needs Trust.
- Protecting the assets and/or income of a minor beneficiary in the event of an untimely death by a parent.
- Protecting the assets and/or income of an adult beneficiary who is unable to properly manage his/her financial affairs.
- Providing support to a surviving spouse of a second marriage, while protecting the long-term interest in assets and/or income of children from a prior marriage.
- Federal and state income and estate tax planning.
The principals of Summit have administered hundreds of trusts over the past 25 years, ranging in size and complexity from very modest cash-only trusts to multi-million-dollar trusts with ongoing business interests, valuable real estate, intellectual property, and other unique assets.
Where Summit specializes, however, is in administering trusts with a “human touch.” Our beneficiaries are all individuals with unique needs and desires. Every trust Summit administers is tailored to the specific requirements of the trust and, most importantly, to the needs of the beneficiary.
Summit is not a state-charted trust company. As such, Summit is only able to serve as trustee under direct Court supervision.
Please contact us today if you have questions about your trust needs and if you think Summit may be a good fit for these needs.