Corporate Trustee For Special Needs Trust
Description
How to fill out Special Needs Irrevocable Trust Agreement For Benefit Of Disabled Child Of Trustor?
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FAQ
It is always advisable to have an independent professional Trustee serve as the sole trustee. An independent trustee can be objective and usually has skills, such as investment, accounting, tax and public benefits expertise, that family members lack.
Corporate trustees are departments at banks or other investment firms hired to build and manage a trust. People hire corporate trustees for their professional experience in trust matters that a family member or friend may not have.
The 'trustee' is the person who distributes the trust's assets to the beneficiaries. A trustee can be either a real person, known as an 'individual trustee', or a company, known as a 'corporate trustee'.
Unlike an individual trustee, corporate trustees are monitored by independent and government entities and must maintain detailed records. This oversight promotes effective implementation of processes, procedures, and compliance with applicable regulations.