This year, we will be starting an ongoing blog series—The Case for Corporate Co-Trustees. Each post will examine a different aspect of trust or estate administration. Our goal is to help families become more informed when reviewing trustee options.
We think the corporate co-trustee arrangement is an ideal solution for families with wealth. In this setup, a family member or individual shares the responsibility of trusteeship with a corporate trustee like Cumberland Trust. This way, a family member maintains a role in the trust management, while Cumberland Trust provides the technical expertise.
With a corporate co-trustee, you know you are in the hands of experts. Cumberland Trust is made up of a team of over 100 experienced trust and estate professionals, administering a diverse portfolio of trusts and estates each day. Cumberland has experts in the areas of illiquid assets, elder care, blended families, special needs, and tax. In addition, our average senior manager has 24 years of experience in trusts and estates.
Corporate trustees collaborate with financial advisors, accountants, and attorneys daily and understand the best steps and practices for handling your trust or estate with respect and care. Also, because it is their occupation, corporate trustees have the time and resources to devote to your trust or estate, while a family member with other responsibilities may not. Many individual trustees end up hiring expensive outside managers and administrators to balance the tedious amount of work that goes into trust administration. This could all be bypassed by selecting a corporate partner from the beginning.
Look out for new insights coming to Trusted Ideas each month as we continue to delve into the benefits of enlisting a corporate co-trustee for your family.
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