Frequently Asked Questions

Cresset Trust Company (CTC) is well versed in the oversight of special assets. Our clients commonly have complex financial lives and expect that their trusts will as well. Please contact us about any specific asset questions, and note that we regularly manage trusts that hold real estate, closely held businesses, operating companies, notes, intellectual property, etc.

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.

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.

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.

We do not. We work through your outside legal team to get the trust in place.

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.

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.

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.

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.

500+ Trusts

Trust Assets in
Excess of $3.2B*

*as of April 1, 2024

in 2015

Full Array of
Trustee Services

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