If you have a client who you think might benefit from setting up a personal trust, you can get the process started right now. Just click on the “Contact Us” icon to contact an Advisory Trust representative specializing in personal trust services. He or she can walk you through our six-step process for setting up a trust:
- Identification. You have identified a trust opportunity. If your client has already had an attorney draft the legal document creating the trust, simply provide us with a copy, along with a complete list of assets to be transferred into the trust and details about your client. (We’ll tell you what we need.) Our trust professionals will review the trust document for completeness and may offer comments where needed. If your client does not yet have a trust document, Advisory Trust will be happy to work with your client’s attorney.
- Pre-acceptance. Advisory Trust confirms that it has the ability to serve as trustee, based on the specific language of the trust. Additional documents from your client may be needed at this stage.
- Acceptance. Advisory Trust formally reviews the trust opportunity and notifies the advisor, the grantor, and the beneficiaries that it will accept appointment as trustee.
- Account setup. Advisory Trust sets up the trust on its trust accounting system and establishes a brokerage account at the advisor’s firm titled in the trust’s name.
- Asset transfer and communication. All interested parties are notified of Advisory Trust’s formal appointment as trustee. Advisory Trust then works directly with the prior trustee to move all assets to the current custodian, at which time the advisor can assume management of the trust assets.
- Administration. Advisory Trust assigns an experienced trust administrator, supported by a trust assistant, to assume day-to-day administration of the trust.