A tool to gain control over your estate

A trust is a legal contract between at least two parties: a grantor and one or more trustees. It can give you peace of mind that your family’s wealth is managed the way you want. It can also fund goals for future generations, like going to college or investing in property. You can even set up a trust for a charity you support, to keep your legacy going long after you’re gone.

Having a trust helps to ensure your wealth is used the way you’d like it to be, both now and for years to come. In certain circumstances, trusts may also create other benefits such as tax efficiencies.

Key players and trust terms

The grantor is the person who has assets (i.e., money, property) they would like a trustee to hold for the benefit of one or more beneficiaries. 

A trustee is appointed in the trust document and manages the trust for the benefit of one or more named beneficiaries. 

The beneficiary is often a child or another relative, but a grantor can choose multiple beneficiaries – or even institutions such as charities or schools. There can be current beneficiaries who are entitled to payments from the trust now, and future beneficiaries (also called remainder beneficiaries) who are entitled to benefit from the trust in some way in the future.

If the trustee is a bank or other financial institution, a trust administrator will generally be assigned to your trust account to ensure proper administration. The trust administrator is also often called a trust officer

The role of a corporate trustee

Many grantors choose a corporate trustee to manage their trusts and settle their estates. For example, U.S. Bank has been administering trusts as a corporate trustee for over 100 years. Here’s what a corporate trustee does:

Alleviates burdens

Settling an estate can take an emotional toll after a loved one’s passing. A corporate trustee provides services to settle an estate, which otherwise can be a complex, time-consuming and stressful process.

Balances competing interests

During an emotionally charged time, a corporate trustee plays the role of an objective party who takes into account the interests of relatives, close friends and other beneficiaries.

Provides support

A corporate trustee is an independent fiduciary partner. Typically, a grantor works with a single point of contact who has access to experts in a wide array of related services.

Trust considerations

When you set up a trust you encounter a variety of critical financial issues. We can help you navigate and manage these important trust considerations.

Asset management

Pursue a goals-based approach to investing that’s consistent with your objectives and intent.

Privacy maintenance

Protect personal matters from the public – including the identity of beneficiaries, statement waivers and sealed court documents – to avoid public court accountings.

Estate planning

Work with tax and legal advisors to ensure your estate plan is comprehensive and properly documented.

Philanthropic planning

Support the causes you care about with a charitable giving strategy that maximizes your impact and helps to shape your legacy.

Tax management

Deliver tax information for personal income tax filing purposes, including filing tax returns for irrevocable trusts and providing required documentation to beneficiaries.

Situs considerations

Consider key trust situs issues – such as state laws regarding taxation, creditor protection, privacy and duration – that may impact where you locate your irrevocable trust.

Insights from our experts

5 potential benefits of setting up a trust

When you create a trust, you set up ways to take care of the people you love when you’re no longer able to.

How to choose a trustee of a trust

Naming your trustee is a critical step in setting up a trust.

How to prepare your digital estate plan

Learn what’s included in a digital estate plan, how these assets are handled after you die and how you can prepare your online accounts.

Disclosures
Start of disclosure content

Investment and insurance products and services including annuities are:
Not a deposit ● Not FDIC insured ● May lose value ● Not bank guaranteed ● Not insured by any federal government agency.

U.S. Wealth Management – U.S. Bank is a marketing logo for U.S. Bank.

Start of disclosure content

U.S. Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.

The information provided represents the opinion of U.S. Bank and is not intended to be a forecast of future events or guarantee of future results. It is not intended to provide specific investment advice and should not be construed as an offering of securities or recommendation to invest. Not for use as a primary basis of investment decisions. Not to be construed to meet the needs of any particular investor. Not a representation or solicitation or an offer to sell/buy any security. Investors should consult with their investment professional for advice concerning their particular situation.

U.S. Bank does not offer insurance products but may refer you to an affiliated or third party insurance provider.