ANBTrust Trustee Services
What does a trustee do?
A trustee’s role is to administer and distribute the assets in a trust as expressed in the trust document.
There are three primary elements to the trustee’s role:
The trustee must identify and then take title to the trust’s assets, keep accurate records, report to the current beneficiaries, execute and settle all transactions, protect and insure the property, and defend the trust against claimants. The trustee also oversees the preparation of appropriate tax returns and ensures all the trust accounting is in compliance with state and federal laws.
The trustee is responsible for the preservation and investment of assets in the trust, ensuring that invested assets are productive and managed appropriately given the trust’s objectives. The trustee has the legal responsibility to reassess the objectives of the trust and current market conditions at least annually to make sure that the investments match those objectives.
The trustee carries out directions and follows guidelines in handling the specific circumstances of each request for funds from trust beneficiaries. This involves legal interpretation of the language in the document and appropriate input from family members.
Why rely on ANBTrust as trustee?
Trustees may have to make tough decisions that might not be popular with all your beneficiaries. After all, the trustee is carrying out your instructions, not your beneficiaries’ wishes. This can be a difficult role for a family member, who may or may not be unbiased, or may wish to act in a manner that avoids hard feelings within the family. Also, few family members have investment management skills or expertise in fiduciary law and practice.
By naming ANBTrust as trustee, you will benefit from:
- Unbiased loyalty
- The independence to carry out your wishes
- Knowledgeable management, protection and defense of your assets
- Experienced oversight of the investment process
- Timely and accurate statements and reviews
- Accountable collection and prudent distribution of income and assets
- Tax reporting, filing and comprehensive regulatory compliance on behalf of the trust
To discuss the administrative services you can get from an ANBTrust trustee, call us today at 800.837.6584 or visit your nearest American National Bank of Texas location.