Utilizing the Corporate Fiduciary When drafting trust documents, selecting a trustee can be a challenge when picking between family members and trusted family friends or professionals. It is a heavy responsibility many do not understand, nor do they wish to serve in that role due to these relationships. Utilizing a corporate fiduciary offers flexibility and efficiency for attorneys and law firms whose practices include estate planning and administration, probate and trusts. Delegating trust and/or estate administration to an experienced corporate fiduciary can save significant time and investment in non-legal resources. This way, attorneys can focus on delivering higher-value legal, tax and estate planning services. Corporate Trustee Expertise A corporate trustee has the requisite expertise to administer trusts. Banks have dedicated teams of professionals specializing in administration, investments, compliance and accounting. Often, these professionals are highly credentialed and hold relevant certifications. This allows banks By Elisabeth A. Slater, JD, CTFA, Executive Vice President and Wheeling Market Fiduciary Director, Security National Trust Company to successfully administer and manage all types of assets, including complex assets such as real estate, closely held businesses and mineral interests. Infrastructure Banks have the infrastructure to support efficient trust administration. For taxes, investments and compliance, the right technology is in place for thorough recordkeeping. Unlike individuals or law firms, banks are regulated by the government and examined on a regular basis. During these examinations, banks receive guidance on compliance, performance and best practices. This added layer of protection gives beneficiaries and co-trustees peace of mind. Continuity A corporate fiduciary can provide the continuity of service necessary to serve a family over many decades. Smooth 14 West Virginia Banker
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