•  Corporate Trustees are strictly regulated and audited.
  • Corporate Trustees have management teams and trust officers with years of experience in administering trusts, as well as a broad range of knowledge in tax, trust law, financial planning and investment management. Often, individuals are not knowledgeable in all of these areas collectively.
  • Beneficiaries should be wary of people appointed in trust positions that are unrelated with Trust Services and are simply appointed to fill in key positions. Do ask about the credentials and CV of the person who has been assigned to your trust. More often than not a secretary or employee with no credential may be appointed.  
  • Corporate Trustees are required to have succession plans in place to ensure continuity in the event of death or incapacity of key employees. This is not the case with individual trustees.
  • Corporate Trustees are objective and will administer the trust in an unbiased manner. Trustees who are related to beneficiaries, or have close personal relationships with them, may find it difficult to maintain their objectivity.
  • Regulated professionals have sophisticated software and systems to ensure proper accounting of principal and income. Individuals often do not have this software and may not understand the principles of trust accounting.

Corporate Co-Trustee Arrangements

  • Selecting a Corporate Trustee to serve alongside an individual may be a perfect solution. The trust gains the advantages of appointing a regulated professional, while also retaining a familiar, trusted individual to participate.
  • Co-trustee arrangements can also aid an individual trustee’s transition from active management to limited.

Thinking of the next generation and establishing certainty is the cornerstone of what Kaimakliotis and Co is about.   

 

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