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12 Financial Resolutions
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Making Managing Your Finances Fun!
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Beware the '12 Online Scams of Christmas'
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Holiday Savings Tips
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Debit Card Tips for Travel and Large Purchases
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How We See It

Craig Chaikin

Craig Chaikin

August 3, 2012

Do I Need a Trust Agent? What's the Benefit?
By: Craig Chaikin, Vice President & Trust Officer

A dilemma we see often in our business is whether or not an individual wants to or is able to take the responsibility to serve as executor or trustee. Many times individuals are named by a friend or loved one and may not know until after that person passes away. Alternatively, perhaps they do know, but their life circumstances have changed and serving is no longer an option. This is where a Trust Department can bridge the gap. However, if an individual wants to serve (either because they are willing or feel a duty to do so), a Trust Department can still serve as their agent. What this means is that the executor or trustee can hire the Trust Department to do the work (marshal the assets, manage them, handle all of the legal and accounting duties, etc.), but the individual executor or trustee still maintains the final say. It allows an individual to have access to the expertise and resources of a corporate trustee, but still affords them the control they may desire. A corporate executor/trustee like Texas Bank and Trust can also be named as a successor should an individual be unable or unwilling to serve.

There can be several options based on individual circumstances. If you are unsure which route to take, you can always interview a corporate trustee like Texas Bank and Trust to see exactly what they can do for you. Such initial consultations are most often free of charge.


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