';

Trustee Services

Selecting a trustee to administer the trust is an important decision, as it carries significant liability, responsibility and can be a very demanding role. Solus Trust will act as trustee of both inter-vivos trusts and testamentary trusts.
TRUSTEE SERVICES

Setting up a trust can be a cornerstone of estate planning.  Trust assets are managed by a third party, the trustee. Selecting a trustee to administer the trust is an important decision, as the role involves significant responsibility and can be very demanding. The life of a trust can span several generations, requiring consideration for current and future beneficiaries, so a long term commitment from the trustee is required.

A trust is a legal relationship created when an individual – “settlor” – sets aside some of their assets to be managed by another person – “trustee” – for the benefit of others – “beneficiaries”.  A trust can be created during the individual settlor’s lifetime – “inter-vivos trust” – or through their Will – “testamentary trust”.

Solus Trust will act as trustee of both inter-vivos trusts and testamentary trusts.

TWO KINDS OF TRUSTEE SERVICES PROVIDED
Trustee Services – woman and two men in a meeting with tablet and papers
INTER-VIVOS TRUST

The services we would provide when acting as trustee of an inter-vivos trust would include the following:

  • Working with the client and their advisors to determine whether a trust is suitable for them and, if so, what terms the trust should have;
  • Once the structure of the trust has been determined, working with the client and their advisors to ensure that the trust is established with precisely the terms as instructed by the client and their advisors;
  • Gathering the assets that comprise the trust and re-registering the legal ownership to the trust;
  • Protecting the trust’s assets by ensuring that they have the proper amount of insurance;
  • Prudently administering the assets of the trusts which may involve hiring experts (such as investment managers or real estate property managers) to manage the assets;
  • Evaluating the performance of any hired experts on a regular basis;
  • Collecting the income earned on the trust’s assets;
  • Paying any bills or expenses related to the administration of the trust’s assets;
  • Distributing income to the named beneficiaries;
  • Filing income tax returns for the trust and paying any tax liabilities;
  • Providing periodic reports to the beneficiaries on the administration of the trust;
  • Passing accounts of the trust before the Court where necessary; and
  • When the trust is terminated, distributing the remaining assets to the named beneficiaries.
Trustee Services – man with credit card in hand using a computer
Trustee Services – judge holding form gave by a woman and man on the side
TESTAMENTARY TRUST

The services we would provide when acting as trustee of a testamentary trust would include the following:

  • Working with the client and their advisors when the Will is being prepared to determine whether a testamentary trust is appropriate for the client and, if so, on what terms;
  • After the client has passed away and the testamentary trust is to be created, working with the executor of the estate and the advisors to the estate to ensure that the trust is established as described in the client’s Will;
  • Arranging for the transfer of the specified assets in the estate to the trust;
  • Protecting the trust’s assets by ensuring that they have the proper amount of insurance;
  • Prudently administering the assets of the trust which may involve hiring experts (such as investment managers or real estate property managers) to manage the assets;
  • Evaluating the performance of any hired experts on a regular basis;
  • Collecting the income earned on the trust’s assets;
  • Paying any bills or expenses related to the administration of the trust’s assets;
  • Distributing income to the named beneficiaries;
  • Filing income tax returns for the trust and paying any tax liabilities;
  • Providing periodic reports to the beneficiaries on the administration of the trust;
  • Passing accounts of the trust before the Court where necessary; and
  • When the trust is terminated, distributing the remaining assets to the named beneficiaries.
Trustee Services – man writing in a paper while holds a phone
PDF DOWNLOAD

When an individual becomes mentally incapacitated, they require someone to continue to manage their financial affairs. Choosing the right person to act on your behalf is a critical decision. Solus Trust has a team of experienced, empathetic professionals who will act under an enduring power of attorney.

SUBSTITUTE DECISION MAKER SERVICES

MORE SERVICES

EXECUTOR SERVICES
SUBSTITUTE DECISION MAKER SERVICES
AGENT SERVICES ( ASSISTANCE )
logo