Englewood Bank and Trust

Englewood Bank & Trust

Choosing the Right Trustee

Choosing a trustee for your trust is one of the most important decisions you will make. Englewood Bank & Trust provides professional trustee services and is an excellent choice to serve as trustee of your revocable or irrevocable trust or IRA.

The choice is whether to choose a corporate or an individual trustee. There are significant responsibilities in being a trustee; and providing quality trustee services requires expertise and knowledge that individuals may not always possess.

When considering naming your trustee, consider some of the responsibilities required:

      • Take possession of and maintain control of trust assets
      • Collect amounts due and pay expenses
      • Maintain clear and accurate accounts and records
      • Administer the trust in the interest of the beneficiaries
      • Value assets for tax, insurance, disposition, and capital gains reporting purposes
      • Arrange for payment of estate, inheritance and income taxes
      • Monitor trust or estate portfolio investments
      • Administer the trust according to the provisions in the trust documents

The job of being a trustee is demanding in many ways and carries a certain amount of liability involving the violation of applicable law, non-compliance with terms of the trust or failure to discharge any trustee duties or responsibilities.

For a free, comprehensive guide for the important task of choosing a trustee, please contact Kerry Hunter at (941) 473-3629 or by email at khunter@ebtfl.com.