Working with a trustee to administer a trust and preserve family wealth should be a streamlined process; however, that’s not always the case. From large, impersonal corporate banks to an inexperienced individual, the wrong trustee can make trust administration complicated and ineffective. Finding the right partner to manage a trust is critical for families and their team of advisors.
At Cumberland Trust, we see ourselves as stewards of the trusts for which we serve. We help families preserve wealth and harmony with independent trust and estate administration that avoids emotional or financial conflicts of interest. We offer attentive service and provide unique support to the client’s advisory team.
When beneficiaries are navigating the complexities of generational wealth transfer, Cumberland Trust differentiates itself by:
Providing Continuity
Longevity and Accountability: Established in 2001, we combine experience and continuity with a solutions-driven, forward-thinking approach. As a corporate trustee, we are regulated and held to a high fiduciary standard, assuring neutrality, transparency, and professional governance.
Dedicated Trust Officers: Our clients don’t have to contact a call center and talk to a new person every time they need help or have questions. Instead, we match the families’ values and needs with the skills of a trust officer who is supported by a larger team. Our trust administrators work with our clients to get to know them and to understand their goals and needs.
Efficient Team Approach: When challenges arise, our administration teams can rely on our collective team’s experience and knowledge of estate planning, law, accounting, and specialty trust and estate administration. This team-based approach allows us to formulate creative solutions quickly, resulting in efficient response times for time-sensitive requests.
Promoting Family Harmony
Families utilizing trusts are often made up of multiple generations. The varying generational personalities and priorities within the family can present challenges to a trust’s administration. Naming an independent, directed corporate trustee can ensure the integrity of the trust’s administration by helping avoid family politics while allowing families to continue working with their trusted advisors.
To promote family harmony, Cumberland Trust:
1. Serves as an objective, neutral party. As a third-party fiduciary, we prioritize the longevity of the trust while showing compassion to our clients.
2. Builds trust with each individual. Our trust officers take the time to build relationships with each beneficiary, learning about their unique needs and priorities.
Real-World Example: Saving a Family Business
Cumberland Trust handled estate administration for a business owner who passed away unexpectedly. The business was passed through a trust to his two adult children. One of his children worked for the business, while the other sibling did not. Disagreements between the siblings about reinvesting profits in the business became frequent. With the client’s financial advisor, lawyer, and CPA, Cumberland Trust brought the siblings together for family meetings, formulating specific agendas to creatively address the differing opinions of each person. The advisors, including Cumberland Trust, encouraged the siblings to collaborate, and a solution was reached.
Tackling Trust Administration With Creative Solutions
It’s not uncommon for high-net-worth families to have estate planning complications.
That’s where we get creative.
At Cumberland Trust, we:
1. Offer flexibility in decision-making. We are willing to work with beneficiaries and families to tackle challenges so they receive their desired results.
2. Provide specialized knowledge and focused administration. We are passionate and highly experienced in navigating the intricacies of modern family dynamics, special needs trust administration, illiquid assets, and unique trust and estate circumstances. Our personal approach allows us to handle complex administrative challenges and life transitions with full attention and compassion.
3. Coordinate the administration of holdings of illiquid or special assets held in a trust. From residential real estate to mineral interests, we help administer distributions from complex trusts composed of these assets.
Real-World Example: Supporting Family Priorities
After a personal tragedy, a family decided to start a foundation to focus on philanthropic endeavors. Cumberland Trust worked with the family to find a way to utilize their existing wealth and make it last as long as possible to support their new mission. In addition, Cumberland Trust developed a solution to generate another source of income by leveraging an existing family real estate property and turning it into a rental property
Fostering Open Communication Through Attentive Service
We want our clients to feel like we understand them and their goals. Our low client-to-trust officer ratio allows us to give our clients the time and attention they deserve.
When establishing a relationship, we work with the client to structure our services to meet their needs. We tailor our communication to the family or client in a variety of ways. Some clients prefer more frequent regular communication, while others do not. Some examples may include but are not limited to:
- Annual family meetings
- Meetings in conjunction with financial, legal, and/or tax advisors
- Telephone and email communication
- Video conferencing
Our clients know they can call us anytime–each beneficiary has a direct line to their trust officer.
Real-World Example: Specialized Services
An elderly client with no children began to experience cognitive decline. The long-time trust officer brought in a teammate well-versed and experienced in our Distinctive Care Services. Together, they helped the aging client achieve their goal of staying in their home as long as possible. The trust officer supported the client by helping to facilitate third-party service providers for at-home care and, later, services to help with the move to a memory care facility.
Our goal is to provide clients with resources and education so they will feel confident when making choices about their care.
How Can Our Trust Administration Help Your Clients?
Finding the right trustee isn’t easy. Let’s talk about how our services can help your clients as they review their legacy plans.