Q:

What services does the Trustee Services Group offer?

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Quick Answer

As of 2015, the Trustee Services Group offers trust administration, professional fiduciary services, corporate trustee services and fiduciary accounting, according to the company. The group provides fiduciary expert witnesses, trust protectors and beneficiary support. Clients include families, trust beneficiaries, professional and individual trustees, and attorneys. The group also serves certified public accountants and financial advisers. Trustees have the responsibility to manage investment of trust assets. The Trustee Services Group assists wealth managers that families choose, but does not manage assets.

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Full Answer

The law and the trust terms govern how trustees administer trusts, explains the Trustee Services Group. When serving as trust administrators, the Trustee Services Group's responsibilities include keeping records accurately, reporting taxes properly and reporting to the trust beneficiaries. The group must account for and track all trust principal, income, expenditures and distributions. The Trustee Services Group's services include interpreting the trust terms to determine how, when and how much of trust assets to distribute. Before distributing assets, the group undertakes the complicated process of considering the interests of the individuals designated to receive the trust principal when the trust ends, compared to the interests of the trust income beneficiary.

Instead of using an accountant or a CPA to file annual tax returns when necessary under the terms of the trust and the law, clients can use the Trustee Services Group to meet that responsibility on behalf of their trusts, notes the group.

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