Conshohocken, PA -- (SBWIRE) -- 01/16/2015 -- Sterling Trustees, based in Sioux Falls, SD is a respected trust administration firm, providing trust management services in South Dakota and throughout the entire United States. For 2015, the nationwide trust administration company is announcing its top keys to successfully choosing the right trustee that they believe is valuable to anyone currently in the market to select the proper trustee for any given family situation.
According to Sterling Trustees, "the action of choosing a trustee is one of the most significant decisions people will face when establishing a trust. The trustee is responsible for administration of your assets according to the provisions you outline in the trust agreement. Although any individual can be designated to oversee the administration of your trust, even sophisticated individuals or family members often find managing a trust to be burdensome and complex."
A corporate trustee may be the best option and give several advantages. The 2015 Sterling Trustees Keys to Choosing the Right Trustee are:
Corporate trustees typically handle many trusts on a daily basis and are very familiar with applicable legal requirements. They understand the intricacies of a wide range of trust types and have a great deal of knowledge in the administration and investment management of trusts.
The corporate trustee is bound by the terms of the trust document and will administer the trust as it is written. In many cases, individual trustees have a tendency to favor one class of beneficiaries over another. It can be difficult for a trustee who is a parent, sibling, relative or friend to act objectively. A corporate trustee benefits from being an outsider who can make decisions free from bias and family dynamics.
A corporate trustee is subject to many levels of oversight. Internal auditors, external auditors and government regulators all make sure that the corporate trustee carries out the fiduciary duties that have been given to them. This is all for the protection of the trust and its beneficiaries.
The duties of corporate trustees are not interrupted due to illnesses, vacations or other disruptions that may distract a personal trustee from performing the responsibilities of trustee. Corporate trustees typically have a staff that is well versed in the different trusts that they oversee.
Tax management and record keeping
Administering a trust includes filing tax returns, issuing statements and keeping records of trust activity. Most corporate trustees have tax and record-keeping expertise or have contracted with competent preparers, so they are able to handle trusts properly from a tax and reporting perspective.
Because one of the principal reasons for establishing a trust is to provide for the future, it's important to remember that an individual trustee will eventually be unable to perform the duties of a trustee. Unlike an individual trustee, a corporate trustee will not predecease you or otherwise be unable to administer the trust. By choosing a corporate trustee, a person helps ensure continuity for the full term of the trust.
For more information on the Tips For Choosing a Trustee, please contact Sterling Trustees directly at their office. Their South Dakota office can be reached by phone at 605-593-8950 or by e-mail at firstname.lastname@example.org
Sterling believes in the power of independent thinking, and their team of trust officers will carefully serve each grantor and beneficiary.
Visit http://www.sterlingtrustees.com/resource-and-news.html and download one of several white papers on the benefits of corporate trustees.
About Sterling Trustees
Sterling Trustees is a fee-only trust administration organization in Sioux Falls, South Dakota. By working independently, the firm allows its clients to avoid the extra costs and conflicts of interest associated with large financial institutions. Sterling Trustees' main goal is to keep assets safe while remaining objective.
For more information, please visit http://www.sterlingtrustees.com