Trust Planning | Trust Administration & Management Services
Having a corporate Trustee or Executor, such as First Financial Trust & Asset Management Company, offers many advantages over having family or friends manage your assets either during your life or upon your death.
Trustees and Executors must understand accounting, laws, regulations, and other important concepts related to the management of all types of assets. They must also be impartial, responsive, and able to act in the best interest of the beneficiary.
Our trust services management team is comprised of highly trained, well educated professionals who are committed to serving in your best interest and in the interest of your beneficiaries. We have experience in managing many different types of trusts and in administering everything from the very simple to the most complex of estate plans.
- Why Establish A Trust
- Why You Need A Trustee
- Why First Financial Trust
Throughout your lifetime, you have worked to provide security for your family, community, and your future by paying attention to your financial health. When you wish to safeguard the future of your finances and ensure care for your loved ones it can be wise to seek legal structures that provide financial protection. One method of doing this is to establish a legal arrangement called a “trust.”
A trust is a legal entity whereby a person (trustor) designates another person or entity (trustee), to prudently and ethically manage the property conveyed to the trust for the benefit of themselves or others (beneficiary).
This may be done during one’s life or following their death. The trust may be revocable (subject to change) or irrevocable (unchangeable). Trusts are established to accomplish many objectives unique to an individual’s personal circumstances and needs.
Why Establish A Trust
Most people establish trusts in order to reduce taxes. However, there are almost unlimited reasons for setting up trusts that may be personal and unique to that individual.
• Are you financially responsible for young children, aging parents, or other family members with serious illnesses or challenges, or anyone else who would financially suffer without your assistance?
• Do you have a business, farm, ranch, minerals, valuable collections of any type, or significant property that would need professional management if you could no longer do so?
• Do you prefer to focus your time, talent and energy on other endeavors besides managing your own property or finances?
• If something happened to you, would your heirs have the education, background, talent, time, and skill to manage your property wisely and according to your wishes? Would any personal conflict among your heirs create unnecessary problems?
• Do you value your privacy and wish to keep all of your personal financial information confidential in case of your incapacity or death?
• Do you value the work being accomplished by an educational institution, religious organization, hospital, or other charity, and would like to make a tax advantaged transfer or legacy gift to them?
• Would you like to take advantage of all tax benefits available and protect your family’s wealth for generations?
If you answered “yes” to any of these questions, then you should consider establishing a trust.
Why You Need A Trustee
• Trustees must understand accounting, laws, court decisions and regulations pertaining to trusts, insurance, taxes.
• Trustees must be experts with investments and the management of all types of assets.
• Trustees must be responsive to, impartial with, and act in the best interest of the beneficiary.
• Trustees must always protect and preserve the trust property.
• Trustees must be available, attentive, reliable, and ethical.
• Trustees are personally liable for mismanagement of a trust account.
It is difficult at best for one individual to posses all of these characteristics. At First Financial Trust & Asset Management, our estate and asset management professionals are trained and educated to fulfill the duties of a trustee and deliver responsive service to the client.
Why Choose First Financial Trust & Asset Management Company as Your Trustee?
At First Financial Trust & Asset Management Company, we put the needs of our clients as our first priority and objective. We are fiduciaries, and firmly believe in acting only in our clients’ best interest.
• We have been acting as fiduciaries since 1927 and have built a caring culture with the highest ethical standards.
• Our staff is comprised of highly trained, well educated professionals who are committed to delivering the best service in the market place.
• We offer comprehensive estate planning and administration services, trust management services, employee benefit services, investment planning and asset management services , as well as oil and gas leasing services and real estate management services - which include management of minerals, farms, ranches, businesses and other unique assets.
Many other institutions will only manage financial assets.
• Our professional investment and asset management team has proven successful with the strategies they custom design for our clients.
• We offer “open architecture” meaning that the entire globe of investment alternatives is studied by our analysts and implemented if appropriate.
• As a subsidiary of First Financial Bankshares, Inc., we share in the financial strength and support of the holding company and community banks where the importance of our service is understood and respected.
• Significant regulatory oversight through audits, examinations, 3rd party safekeeping of investments, errors and omissions insurance are standards of care with First Financial Trust & Asset Management, unlike some boutique investment managers who have made headlines in the past
As a professional “corporate” fiduciary, we offer continuous service. While individuals serving as a trustee could become ill, die, go on vacation or just decide they don’t want to work on the trust, when FFTAM acts as your trustee, you will always have someone “on duty” to care for your accounts with no conflicts of interest. And, we are constantly “on watch” to respond rapidly to any changing circumstances that could affect you and your future.