Wilmington Trust provides all of the services of a traditional trust company with one important distinction: We do not provide investment management services for marketable securities held in a trust. You, the client’s trusted financial advisor, fill that role.
Wilmington Trust can serve as trustee and offer administration services for virtually any type of personal trust, including revocable and irrevocable trusts, whether testamentary or inter vivos, as well as charitable trusts, and irrevocable life insurance trusts. While each trust is unique and managed to its specific terms, our administrators typically perform some or all of the following services:
- Document review to assure compliance with all trust provisions
- Calculation and disbursement of income and other distributions
- Management of discretionary disbursements with sensitivity and compassion
- Preparation of annual accountings for court supervised accounts
- Preparation, review, and filing of fiduciary tax returns
- Annual asset valuation
- Coordination with attorneys, accountants, and financial advisors
- Preparation of quarterly trust reports
- Comprehensive file documentation
- Recordkeeping and tax reporting
- Comprehensive communication with grantors, beneficiaries, and their advisors via statements, meetings, and other correspondence
Although you manage the investments in your client’s trust on a daily basis, for discretionary trusts, Wilmington Trust retains the fiduciary responsibility for those investments. Accordingly, we work closely with you to develop an investment policy statement and investment strategy consistent with the terms of the trust.