The Situation
As a trust fiduciary, we work with all sorts of family dynamics, including situations where family members do not always see eye to eye. One of our clients is a multi-generational family. They had a trust that had been passed down for three generations and First Financial Trust was the trusted fiduciary and administrator.
After the death of the patriarch, the trust was in question. There was a contentious divorce, real estate held in the trust and the children did not agree with the stipulations outlined in the trust. There were competing interests complicating the situation and the family needed help.
We make wealth management understandable and achievable for everyone involved. Our investment management approach takes a holistic view and simplifies and organizes what can be overwhelming and challenging.
Our Solution
Our extensive expertise in trust administration sets us apart. As one of about 50 nationally chartered trust companies in the U.S., we bring a unique prospective to help our clients with the many complexities of trust administration and fiduciary responsibilities.
In this family trust situation, there was a vacation home held in the trust. Many investment firms don’t want to handle real estate held in a trust because of its many complexities. We see the different facets of a trust, such as real estate, as a way for us to help our clients.
In this case, we helped the family come to a decision on the vacation home and handled all of the coordination to help them keep the property while also renting it out. This was the best of both worlds as the family was able to continue to enjoy the property while also generating extra income in the trust. We met with the real estate management company and accommodated all of the details to make it happen.
We sat down with the family to review all of the particulars and explained the legal standards of the trust. We acted as the intermediary and were able to ease the tension as a trusted partner. We managed the property for the family, along with distributing the assets and ensuring the children were taken care of.
The family was thankful for the relationship with FFT and they were able to set aside their differences and find a way to move forward with our help.