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Sunday, December 12, 2010

Trust services no longer just for the rich

The link below goes to a story in the Star (newspaper in Toronto) that talks about how trust companies provide estate services and how they are more affordable than people think. You probably know that I work in the trust company arm of Scotiabank so I have first-hand experience with this. I can vouch for pretty much everything that is said in this article. Click on the link below to read the story.

TheStar Trust services no longer just for the rich

I spend many hours a month doing seminars to tell people what we actually do in a trust company. Here are some examples of the services our customers want and need most often:

  • acting as executor of a will when there is no suitable family member
  • acting as a co-executor with an inexperienced or young executor
  • working as an agent for the executor of a will after someone has passed away
  • holding and paying out money in trust according to a bequest in a will
  • holding and paying out money according to a family trust or royalty trust
  • channeling assets into foundations for charitable giving
  • acting as executor when family members aren't getting along
  • estate planning (wills, powers of attorney, health care directives, family trusts etc)
  • pulling together a team of estate planning experts including lawyers, accountants, insurance advisors, financial planners
  • acting as trustee for a disabled adult under a court order
  • acting as attorney appointed by a power of attorney
  • completing tax returns for individuals and estates
  • administering custodial accounts for seniors who need a bit of extra help with finances
  • holding trust funds and making payouts (i.e. being "the office") for non-profits and charities

As you can see, it's a pretty diverse menu of activities, and we're pretty good at tailoring our services to fit what you need. I always tell people that we're approachable and hey, we've heard it all, so feel free to simply call up and ask whether your situation is something we can help with. You don't have to be a Scotiabank customer to call our trust office to chat.

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