How to be an Excellent Beneficiary

Nov 9, 2021 | Understanding Trust Administration

We are frequently asked by new and prospective trust clients how they or their family member(s) can be a responsible beneficiary. Here are a few tips to keep in mind:

  • Clarify your communication preferences with your trust officer. At the beginning of a new client relationship, Cumberland Trust seeks to meet face-to-face with beneficiaries and their advisors to understand the situation and to establish a rhythm of communication and correspondence (e.g., phone, email, etc.) that works for each client and their professional team.
  • Establish your preference for meetings with your trust officer. Based on their needs, some clients prefer more frequent or less frequent interaction with Cumberland Trust relationship managers. In most cases, our relationship managers coordinate meetings with the client’s financial, legal, and tax advisors so all members of the trust’s advisory team are at the table.
  • Discuss distribution expectations with your trust officer and financial advisor: A distribution plan requires the careful balance of current and future needs, adherence to the terms of the trust document, and continuous coordination with the financial advisor. Management of the investment portfolio, in harmony with a thoughtful distribution plan, ensures the long-term viability of a trust’s underlying assets.
  • Inform your trust officer of any concerns you might have with family dynamics.

Cumberland Trust’s relationship managers strive to get to know the clients we serve on a personal level and to provide a high level of communication and responsiveness.