Simple or complex, large or small, any trust is a trustee’s fiduciary responsibility. Choosing a trustee who will prudently care for your financial assets is a decision that must be made carefully. A trustee, like every fiduciary (someone in a position of trust or confidence), has a legal obligation to act responsibly and in good faith.
The trustee you select will protect your assets, caring for them as you prescribe in your trust agreement or will and managing them for the benefit of the trust beneficiaries. A primary responsibility of your trustee is to invest the trust’s assets. Our investment professionals are focused on achieving your goals through a customized investment plan.
Your trustee also will be responsible for administrative tasks such as maintaining complete investment, accounting, and tax records, as well as statements of all purchases and sales, dividends, receipts, and disbursements. We are full-time administrators committed to caring for trust assets and protecting beneficiaries.
A trustee has a legal duty to be prudent, loyal, and to carry out all the terms of the trust. Putting the beneficiaries’ interests first while carrying out the intentions of the creator is essential to the proper administration of a trust.
Your trustee’s specific responsibilities may be as broad or as limited as you decide when you set up your trust. Much of a trust’s power to provide for your beneficiaries depends on how the trust is administered. This is a demanding and exacting responsibility that deserves the skills and knowledge we can provide.
The law places few restrictions on a candidate who wishes to serve as a trustee. You are free to name almost anyone who has reached adult age and is not legally excluded from serving. Often, the choice is between a corporate or individual trustee.
We believe that naming a corporate trustee has clear advantages. Choosing an inexperienced trustee could seriously jeopardize the future well-being of your family. Our investment decisions are fact-based and never influenced by rumors, tips, or imprudent advice that can lead an individual trustee to make poor investment choices. Also, unlike an individual trustee, we will not die, move away, or be forced to put your trust on the back burner because of personal or business demands.
We believe that our reputation as a corporate trustee is an outstanding one. We have administered trusts for years. We know the limitations and the opportunities and are there to provide the personal attention your beneficiaries deserve for however long it is needed.
Naming an individual co-trustee (a close relative, for example) to serve along with a corporate trustee is often a good strategy. You can rely on the corporate trustee for administrative experience and investment skills without losing the insight, concern, and family contact that an individual trustee can add.
We welcome the opportunity to cooperate with a co-trustee. Our experience in investments and administration, plus a co-trustee’s reassuring family perspective provide dual strengths for your trust and beneficiaries.
Please call us if you want to know more about the service you can expect from a corporate trustee. Our experience and reputation are assurance of long-term protection for your family.
This material is provided for general information purposes only. Investments and insurance products are not FDIC insured, not bank deposits, not obligations of, or guaranteed by Canandaigua National Bank & Trust or any of its affiliates. Investments are subject to investment risks, including possible loss of principal amount invested. Past performance is not indicative of future investment results. Before making any investment decision, please consult your legal, tax or financial advisor. Investments and services may be offered through affiliate companies.