What if I have real estate or other non-marketable assets in the trust?
What if we have a trust that is governed by another state law?
It is important for us to review the document for any trust we are considering, but it is common for a trust to be drafted using another state law. Often CTC can act as trustee or co-trustee and move the administrative functions to South Dakota but leave the substantive governance in the state the trust originated. It is also common for a trust to allow the governing situs to be changed by a trustee. Further, we can always consider whether decanting or modification could accomplish your goals. Each trust situation is unique, but often we can find a solution along with your team of advisors.
What if my trust requires a certain level of assets or capitalization?
It is common in older trust instruments that any corporate trustee must meet certain financial requirements. As with many situations, each trust is unique and we are always willing to review a document and let you know if we meet the requirements or have a solution to modify the requirements, if that is your desire.
Do you need to be involved in the drafting of the trust? Do you have required trust provisions?
We appreciate being part of the drafting process, it helps us develop a sense for the grantor’s intent, get to know your legal team, as well as the purpose and structure of the transaction. However, we do not require specific provisions to be included before we act as trustee. We can be helpful in incorporating South Dakota law, or sharing experience with specific language around beneficiary distributions, notice or waiver of notice to future beneficiaries, diversification of assets, etc.
Do you draft trusts if I don’t have a lawyer to do it?
We do not. We work through your outside legal team to get the trust in place.
How do you charge to act as trustee?
We charge flat fees that are paid annually in advance and are not tied to the size of the trust or assets managed. Feel free to reach out to request a review and customized fee quote.
Do you have experience working with beneficiaries with mental health or addiction issues?
We do have quite a bit of experience in this area. We work closely with the grantor and other family members to determine grantor intent and beneficiary needs. No one situation is the same, and we work hard to customize our approach so that the family doesn’t have to be in the difficult position of a trustee.
What is your process for making distributions, how quickly can a distribution be made?
We are nimble and can typically make a distribution decision within days, rather than the weeks or months of a large institution. Every distribution request is unique, so there may be information requested before we can approve, but we strive to be thoughtful, creative, flexible, and responsive—while still acting in compliance with the trust and our fiduciary duties.
Do you prepare trust tax returns?
The preparation of trust tax returns are not included in the trustee fee, but we do coordinate all aspects of tax filings and payments. We can work through your existing tax preparer or arrange for a tax preparer on your behalf.
Trust Assets in
Excess of $2B*
*as of July 24, 2023
Full Array of