A prominent estate planning attorney and a corporate trust officer were meeting to discuss some business matters for their existing clients. Coincidentally, there were several trust issues with the same problem: the lack of a qualified and reasonably priced administrative service solution for their irrevocable life insurance trusts.
Wills
PROBATE The action of proving before a competent judicial authority that a document offered for official recognition and registration as the last will and testament of a deceased person is genuine.
Trusts
The trust officer wanted to provide an affordable solution, but the emphasis on client services offered by her company included asset management and full trusteeship, not a specialty administrative niche in life insurance trusts. Only if each of the attorney’s clients were interested in opening a full service trust account would the company be willing to accept responsibility for the irrevocable trust component of the estate plan. If the corporate trustee agreed to accept an irrevocable trust, the fee for service would be priced in consideration of full trustee liability and management models. In other words, most corporate trustee potential solutions for irrevocable trust administration were still quite highly priced.
Power of Attorney
When the trustees complete their tasks, we ensure that beneficiary Crummey notices are mailed quickly. These notices are tailored to reflect different situations, such as initial gifts to new trusts, subsequent gifts to existing trusts, and gifts to minors via either the natural guardian, court appointed guardian, or power of attorney. Trust specific beneficiary notices can be provided if necessary.