Proper management of your financial well-being while you are alive and distribution of your assets upon your death are key to the quality of life and peace of mind.
Keen Home Care works with trust officers to ensure your wishes are met.
A trust provides instructions to the person you have chosen to manage your financial affairs while you are living, as well as to whom you want to receive your assets after you die.
Types of Trusts
- Testamentary Trust — created in a will upon an individual’s death
- Irrevocable Trust — typically cannot be changed
- Revocable Living Trust — often preferred, as it allows changes while you are alive and competent, and it may avoid costly court oversight upon your death or incapacity
Reasons for Establishing a Trust
- Provide safekeeping for your wealth from generation to generation
- Preserve and grow your wealth
- Establish a plan for charitable giving, foundations, and/or endowments
- Oversee the well-being of a vulnerable elderly or physically or developmentally disabled loved one
Trust officers are salaried employees of a trust company, bank, or investment management firm that offers trust services.
Duties of a Trust Officer
- Administer trust accounts and ensure that they comply with federal and state laws
- Carry out the client’s goals vis-a-vis the trust
- Manage investment portfolios and real estate holdings to meet client’s objectives
- Manage financial accounts, pay client’s personal and business bills, and ensure vendors are sound in their business and billing practices
- Collaborate with other trusted advisers, such as an estate planning attorney, for the benefit of the client