Choosing a Trustee or Co-Trustee is a crucial decision that will hopefully result in a long-term relationship of mutual respect and concern for your family, your interests, and your assets. Cumberland Trust is a specialist firm that can help you achieve your goals.

As an independent trust company, Cumberland Trust focuses on the administration of your trust. We believe that you deserve the benefit of an experienced money manager of your choosing, and in some cases may have worked with for decades, paired with an experienced trust administration firm.

We believe in being a valued mentor and advisor to your family. We can work with hard-to-custody assets beyond the standard mix of securities and bonds, and we recognize that trusts often include complex assets such as real estate, personal property, partnerships, and family businesses. We will spend time getting to know your family’s needs, and we have the experience and diplomacy to deal with complex family situations. Cumberland Trust will never lose sight of your long-term objectives and goals, and we exist to help you achieve them.

What does Cumberland as Trustee do?

Trustees are considered fiduciaries, which mean they have a high standard of responsibility. Here is a partial list of trust administration duties:

• Work with families to promote harmony and open discussion

• Carry out the terms of the trust document, which represents a “blueprint” of your intent

• Work closely with other members of the “the team” that you have put in place (ie. Financial advisor, attorney, and CPA)

• Coordinate with the necessary information and documents to move a trust

• Meet with your financial advisor to open the account and prepare an investment philosophy

• Coordinate the transfer of trust investments to the beneficiary’s financial advisor’s firm

• Perform Prudent Investor Act oversight of trust assets held in investment accounts

• Hold alternative assets, such as real estate or partnerships, on Cumberland’s accounting system

• Determine beneficiary’s mandatory and discretionary distributions using the trust document as a blueprint

• Administer the trust in conjunction with the terms of the trust and Tennessee law

• Administer a special needs trust to ensure the beneficiary qualifies for government assistance

• Meet with beneficiaries on a regular or as-needed basis, whichever they prefer

• Provide quarterly statements to beneficiaries

• Create tax ledgers using Cumberland’s accounting system

• Work with beneficiary’s CPA to file taxes

• Work with state regarding regulatory and audit oversight of each trust account.

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