THE EXPERIENCE TO TRANSFORM YOUR FAMILY'S DESTINY
Tailoring strategies for perpetuating wealth and establishing your legacy require careful crafting and seamless execution. Destiny Private Trust provides trust services to individuals and their families, helping them to better navigate through life’s many transitions. Our depth and breadth of expertise and capabilities—forged through experience spanning decades—uniquely positions us to help deliver peace of mind to those we serve.
WHAT IS IMPORTANT TO YOU?
Your answer to this question serves as the foundation for the trust work we will develop and implement. It may be very important to you to maintain your face-to-face relationships with your trusted advisors while benefiting from a world-class trust company. The selection of a trustee or executor is vitally important to the creation of your estate plan. This fiduciary role requires expertise across a range of competencies, including local, state and federal laws, investment management strategies and tax mitigation and planning. We go beyond honoring your professional relationships with other trusted advisors, such as your tax and legal professionals. When it's important to you, we can help quarterback their efforts on your behalf.
NATIONALLY CHARTERED EXPERTISE
Destiny Private Trust is a Trust Representative Office of National Advisors Trust Company (NATC), the largest advisor-owned, federally chartered trust company in the U.S. NATC’s corporate directed trustee model allows Destiny Wealth Partners to remain in charge of portfolio and investment management and be named in our clients' trust documents as the investment advisor. All of this means that you will be able to maintain your current wealth and investment management relationship with us, while benefitting from robust trust services.
MANAGING COMPLEXITY
Establishing a trust, including the selection of trustees to serve in a fiduciary role, is an involved, often complex and sometimes irrevocable process, requiring critical decision-making throughout. We provide prudent and efficient trust administration. Each trust, just like each family we serve, is unique and requires careful attention to the details—which is a hallmark of our firm, its multi-disciplined team and culture.
Destiny Wealth Partners:
▸ Oversees the client/investment advisor/trustee relationship
▸ Manages investments in accordance with the trust document while incorporating tax and estate planning strategies
▸ Ensures safekeeping of all trust assets with your custodian(s)
Destiny Private Trust:
▸ Makes certain our fee structure is transparent
▸ Performs trust administration duties as outlined in the trust document such as distributions, statement production, tax reporting and bill paying
▸ Provides principal and income trust accounting
Custodial Services:
▸ Securities safekeeping
▸ Income collection from securities
▸ Settlement of securities trades as directed
▸ Payment of funds when directed
▸ Timely statement delivery
▸ Custody for unique and hard-to-value assets
▸ Fiduciary accounting
Trusts May Include:
▸ Revocable Trusts
▸ Charitable Trusts
▸ Irrevocable Trusts
▸ Agent for Trustee
▸ Special Needs Trusts
▸ Marital Trusts
▸ Bypass Trusts
▸ Generation Skipping Trusts
▸ Dynasty Trusts
▸ Irrevocable Life Insurance Trust
▸ Qualified Terminable Interest Property
NATC is regulated by the Office of the Comptroller of the Currency (OCC), a bureau of the U.S. Treasury Department, and is a member of the Federal Deposit Insurance Corporation (FDIC). It has $10 billion in assets under administration.
WHAT ARE THE ROLES OF A TRUSTEE?
Serving as a trustee is a serious commitment. An individual trustee may find fiduciary obligations and responsibilities overwhelming, and concerns about legal exposure and possible impacts to family harmony unsettling. In light of all the fiduciary responsibilities a trustee must carry out, reducing the burden, risk and responsibilities on individuals may make appointing a corporate trustee rather than an individual is worth considering, especially for those with larger or more complex estates.
▸ File Tax Returns
▸ Distribute Assets Per the Terms of the Document
▸ Properly Fund Any & All Sub-Trusts
▸ Determine if Probate is Necessary
▸ Invest Assets in a Prudent Manner
▸ Read & Interpret Trust Document
▸ Track All Expenditures and Additions to Income and Principal
▸ Sell or Retain Unique Assets (Examples: Home, Cars, Boats, LLC Interests, Artwork)
▸ Act in the Best Interest of All Beneficiaries
▸ Collect All Death Benefits (Life Insurance, Retirement Plans)
▸ Notify All Beneficiaries/Charities of Your Position
▸ Issue Statements to All Beneficiaries
▸ Keep Accurate and Detailed Records
▸ Obtain Appraisals on Certain Assets
▸ Determine Who the Beneficiaries Are
▸ Decide if Partial Distributions are Prudent
▸ Preserve Trust Assets
▸ Assess Beneficiaries’ Needs and Assets to Approve Distributions
▸ Create & Distribute Final Accountings to Beneficiaries
▸ Use Discretionary Power to Make Distributions to Beneficiaries
▸ Close All Accounts
▸ Manage Assets so They Result in Reasonable Growth with Minimal Risk
▸ Obtain Beneficiaries’ Consent for Final Distribution
▸ Diversify Trust Assets
▸ Inventory All Assets and Determine Value
▸ Issue Notices Required under State Statute and the Trust Document
▸ Verify and Pay all Final Bills & Taxes
▸ Keep Beneficiaries Informed of Activity Within the Trust
▸ Notify Banks, Brokerage Firms, and Other Financial Institutions of Death
▸ Obtain Tax ID for Trust
▸ Order Death Certificates
▸ Pay Funeral Expenses
▸ Transact Necessary Business
▸ Transfer Titles
▸ Treat Beneficiaries Equally & Impartially
▸ Update Cost Basis to Date of Death Value
HOW DOES A CORPORATE TRUSTEE STRUCTURE WORK?
▸ In a CDT model, the trustee role is “hyper-furcated”
▸ It is divided into several roles; to provide for flexibility, appropriate control, and specialization among each role