A trust is a legal method for placing funds, personal property, and other assets in the control of a trustee for the benefit of an individual. The trust can designate one or more persons, an organization, or a bank to act as trustee. A trust can be used for paying bills, managing investments and real estate, and general protection of a person’s estate. Trusts are used to; manage large assets, avoid the expenses of probate, avoid conservatorships, and provide for ongoing financial management if the grantor becomes incapacitated. First Fiduciary Corporation specializes in many types of trusts including Testamentary/Living, Standby, Revocable, Family, Marital, Minors, Supplemental Needs, and Special Needs Trusts.
Why First Fiduciary Corporation as Trustee?
First Fiduciary Corporation was the first professional fiduciary in Minnesota, founded in 1969. We have nearly 50 years of experience and have built a reputation as a trusted leader in the field of fiduciary management. We have handled many complex cases and challenging family situations. Our employees are held to the highest ethical and professional standards, and are amongst the most highly trained and experienced professionals working today. We are a leader in all facets of trust management and have forged long-term relationships within the legal and social services community.
Each client is assigned a Trust Manager who will work diligently to balance your long term financial goals with your current needs while maximizing the value and longevity of your trust funds.
First Fiduciary Corporation does not hold financial assets in-house. This allows you to retain your current financial investment team should that be important to you. First Fiduciary Corporation will work closely with your investment team to optimize the value and investment potential for your assets. Billing is based on time spent administering the trust or on care management tasks; we do not generally bill based on a percentage of the value of the trust. We carefully review each financial transaction and have multiple internal checks and balances. Clients are provided, at minimum, an annual account that details every transaction. In addition, there will be a back-up professional assigned to each client/trust and after business hours emergency support.
We work with the following types of trusts:
- Revocable Trust
- Marital Trusts
- Testamentary/Living Trusts
- Family Trusts
- Minors’ Trusts
- Standby Trusts
- Supplemental Needs Trust
- Special Needs Trusts
For Testamentary/Standby Trusts
First Fiduciary Corporation works with you to understand your intent and wishes. FFC works to ensure beneficiaries receive the trust assets according to your wishes in the timeliest manner possible. Clients can be assured that First Fiduciary Corporation has the history and stability needed in the long term for a Standby Trust. We have been serving clients for nearly 50 years, and look forward to serving clients for many decades to come. When Standby Trusts are established, a one-time fee is billed to set up the trust; no additional billing is accrued until FFC becomes active as trustee.
Supplemental and Special Needs Trusts
Clients are assigned a Care Manager who will work closely with our client, family members, and interested parties in a supportive system. Care Managers also ensure the trust is managed properly so as not to jeopardize government benefits. The Care Managers work directly with our clients and are able to aid in coordinating appropriate services that best enhance overall health, welfare, and safety for our client. Many banks and trust companies are not able to offer the individualized care management we offer. Our staff are highly educated and trained in multiple disciplines such as social work and human services. Our on-going professional education and training allow us to provide care for clients beyond financial management.
Please call us at (651) 452-1512 for more information or to set up a meeting to discuss your needs.