A trust is a legal entity that can “own” assets. There are different kinds of trusts: testamentary (created in a will after someone dies); irrevocable (usually cannot be changed); revocable living trust (these can be changed and are typically used for tax purposes and to avoid probates); and special needs trusts (allow you to receive government benefits while still receiving funds for budgeted items).
A Trust estate may include assets such as personal property, real property, and investments. The Trustee manages the assets that are held in the trust and controls disbursements to the beneficiaries. The Trustee is responsible for protecting the assets and ensuring that they are used according to the instructions of the trust instrument. A Trustee's highest obligation is to follow the intent and terms of the trust, protect the assets in the trust and ensure the rights of all beneficiaries are considered while managing the trust.
CBFS can be appointed by the person or persons creating the trust, or by the court. We have been acting as a Trustee since 1993 and are experienced in managing all types of trusts. We stay up to date on rules and regulations governing different types of trusts to ensure your document stays effective. Naming CBFS as a neutral party to manage your trust can help avoid family conflict that can arise when a family member is named as Trustee. CBFS can also aid less experienced Trustees in maintaining accurate records in order to report to the court and/or beneficiaries of the trusts they manage.
Including the review of investment proposals, rates of return, fees, interest, etc.