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3 Things to Consider When Choosing a Trust Company

by Caldwell Trust
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When choosing a trust company there are a number of things to consider. Is this someone that you believe will take care of your family when you’re gone? Will they have the time to efficiently control your finances? Or, do they have the hands-on experience in the field to control your hard earned money?
 
Doing a little bit of research and ensuring that the person(s) who will be dealing with your finances is a right fit for what you are trying to accomplish financially is worth your bankers weight in gold. Consider these three factors below when choosing someone as your trustee.

 

What to Consider When Choosing a Trust Company

 

1. Pick Someone You Are Comfortable With and Trust

This person will be handling your sensitive information as well as developing a relationship with your family. Who you choose will ultimately be a personal representative of your estate. Most companies require that an account be at a minimum size to receive a designated trust officer, so not only choosing an individual but a company that is trustworthy is worth the research.

 

Who you wind up choosing will be handling your most intimate information. Knowing this person has your best interest in mind is comfort that can’t be bought.

 

2. Client Ratio

 
The trustee will have the responsibility of investing money, handling taxes, and paying beneficiaries. You’ll want to be confident that all of these things are done properly to maintain good records. Be sure to ask what the company’s client-to-officer ratio is.
 
The smaller the client number, the more individual attention your account will receive. Choosing a trustee that has too much on their plate will only result in neglect of a personal level of service.

 

3. Expertise and Experience

Having a friend or family member with financial experience handle your trust may seem like less of an expense in the beginning. However, not having a Certified Trust and Financial Advisor (CTFA) could end up being more taxing on your estate in the long run.
 
CTFAs are held to a specific standard of the trust and wealth advisory field. Don’t be afraid to ask how much experience your trustee has. Ten years of experience is the minimum to require of someone who will be responsible for your finances.
 

Selecting a trust company or trustee is an important decision that can give you peace of mind knowing your loved ones will be provided for. Though there are a number of things to consider when dealing with the assets one has accrued over time, addressing these three will have you well on your way to achieving peace of mind regarding the hands your money is in.
 
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