Future Client Questions
In some situations, such as where your trust calls for an outright, immediate distribution to the beneficiaries, you may not need a professional trustee. However, there are many instances where you should consider naming a professional trustee.
Any Long-Term Trust
If your trust will go on for any period of time, you should consider a professional trustee. An ongoing trust requires a high degree of investment and tax expertise. More importantly, the exercise of discretion, meaning knowing when and how to distribute funds to or for a beneficiary, is crucial to preserving the intent and value of the trust. A professional trustee will have that ability.
Behavior Incentives and Disincentives
Your trust may have certain behavior incentives. These might include not rewarding substance abuse, rewarding gainful employment, or rewarding educational achievements. An impartial, professional trustee best fulfills monitoring and acting on your wishes.
Asset Protection and Preservation
A professional trustee has a duty to protect and preserve the trust assets. A trust is not an investment account and should not be treated as one. Investing as a trustee requires skill, care, and diligence that go beyond the role of an investment adviser or broker. The trustee is accountable not only for investment performance but also for the appropriateness of the overall investment plan in order to achieve the purpose of the trust and its beneficiaries.
People move, lives change, needs evolve, and time moves on. A professional trustee is equipped to understand and adapt to those changes. Your trust may have a beneficiary who is seeking current income and another who will be expecting funds in the future. Balancing and managing those competing interests is a job for an experienced trustee with the skills and resources to not only achieve those diverse goals but also to explain the process to all affected by it.
Investing is a job for professionals. You may have an excellent investment plan already in place. All investment plans need a strong hand to guide them through the constantly shifting world around us. A professional trustee can work with your current adviser or take the responsibility directly as your trust may state.
An attorney is a key component of a complete trust plan. Attorneys are licensed by the state and have to pass rigorous tests to earn that privilege. An attorney who specializes in estate planning is an invaluable asset to your estate plan. They will be informed of the nuances of estate planning law and how the law affects you. An attorney can become a trusted advisor who will guide you through the complicated planning process.
Midland Trust Company is registered to provide fiduciary services in many states. Our clients are located all over the United States and even overseas. We are available by email, phone, text and can arrange meeting in-person or via video conferencing. Midland Trust Company will work with the client to determine the best communication methods.
Each relationship is supported by a team of trust professionals with a dedicated Trust Officer and Trust Administrator designated as your contacts. You will never have to call a 1-800 number.
Our fees are based on our published fee schedules which are determined by market value calculation, the size of the account and type of service provided. Our fee schedules are available upon request.
Contact us to request an updated fee schedule.
Midland Trust Company does not have minimum account sizes for its various services. However, minimum fees do apply. Therefore, we evaluate each account individually to determine the cost effective value of the service we provide.
Contact us to request a fee schedule.
Yes, we will act as co-trustee. Co-trustee is the term used when more than one individual or corporation is named to serve as a trustee of a trust. Unless otherwise specified in the trust, co-trustees normally act together and exercise their powers jointly. Co-trustees share the same powers and fiduciary responsibilities according to the trust document and laws of the state in which the trust resides.
Midland Trust Company can also act as Co-Guardian.
As part of Midland Wealth Management, we believe the asset allocation mix is the most important aspect of an investment portfolio. When determining the appropriate asset allocation we ensure we fully understand our clients’ ability to tolerate the ups and downs of the market and what their income needs are now and what they are projected to be in the future. Once an allocation has been established, we build out the portfolio with non-proprietary mutual funds and ETFs and when appropriate, individual stocks and bonds. We then employ a diligent oversite process to review and monitor the portfolios and their holdings which is discussed with each client and is outlined in our Investment Policy Statements.
If you would like to discuss our investment philosophy or its implementation in greater detail, please feel free to contact us.