Trust Administration

At Riverview Asset Management & Trust Company, we provide personal and all-local comprehensive trust services. Our administrative and investment team works closely with you and we are always willing to include your family and your professional advisors to insure that your financial needs are met and your estate planning is appropriate.

Our staff is qualified and experienced to act as trustee, guardian, personal representative for probate, or as agent for you as trustee, performing any or all duties required of you in your fiduciary capacity. In addition to revocable living trusts and irrevocable trusts, we also serve as trustee or agent for special needs trusts, charitable trusts, charitable foundations, and other unique types of trusts (see Charitable Services for more information about charitable trusts and foundations).

Administering Your Living Trust

As the grantor of your revocable living trust, you may decide that at first you only want to use our investment management services, while you retain control of the other aspects of your trust. Our investment officers provide full portfolio management analysis, meeting with you to develop the most appropriate investments for your short-term and long-term needs. Our trust administrators will help to register your trust assets correctly and establish periodic disbursements if desired.

Later on, should you find that paying your monthly bills is an inconvenience or that it is becoming a burden, we will do that for you as part of our basic service. Your administrator will keep in touch with you as often as you like, and will help with your living needs as they may arise. We can help manage your real estate, file and pay your taxes, and help to perform most any of your financial transactions. While you are mentally able and willing, you will "call the shots," directing your trust and letting us know how much you would like us to do for you.

If at some future date you become incapacitated, we will continue to carry out your wishes under the terms of your trust just as we were before your incapacitation; it will be a seamless transition. A great advantage of creating your living trust now is that you can test the waters with your trustee while you are still mentally able. Your confidence in us is our top priority and your trust administration is in safe hands.

Our staff is also concerned about your family and look forward to meeting them. We strive to prove our competence and earn their trust as well, for should you be unable to assist with your affairs, we may need to rely on them for guidance. Caring for family members is a huge responsibility. Riverview can help reduce the stress by managing the financial side of the equation in the way that you have directed.

Many of our clients provide for their grown children through their trust, often directing that assets be distributed over several years or until specified ages. Or they may direct that income from the trust assets be paid periodically, with discretion by the Trustee to pay additional amounts for such things as health, education or support, if required. In these cases, we work closely with the beneficiaries to satisfy their needs, while working within the terms of the trust, and invest the assets appropriately for the purposes specified.

Everything discussed above is included as part of our basic trust service. At Riverview, we pride ourselves on quality personal service - going above and beyond the industry standard to meet your needs.

Please read on, or contact us for more information or to schedule a meeting with one of our investment advisors!

Advantages of Living Trusts for Estate Planning

One of the most important benefits of a living trust is that unlike a will, a trust doesn't have to die with you. Assets can stay in your trust until you want your beneficiaries to receive them. And as an added bonus assets that remain in the trust are protected from the courts, beneficiaries' creditors - even an ex-spouse in case of divorce - and irresponsible spending.

A living trust provides numerous advantages over a simple will:

Prevents the court from controlling your assets at incapacity
Avoids probate at death, providing maximum privacy
Allows for a streamlined distribution of assets to beneficiaries, OR
Allows assets to remain in trust, protected from courts, beneficiaries' creditors and irresponsible spending, as long as you specify, OR
May allow disabled beneficiaries to receive benefits while receiving other disability assistance and/or to provide oversight for their care, AND
Prevents "unintentional" disinheritance or inheritance through intestate laws.

Testamentary Trusts - Trusts created by your will

A trust for the benefit of your spouse, children, grandchildren or anyone you wish, or a trust for the benefit of your favorite charity or charities, may be created by including the trust as a part of your will. This type of trust is called a testamentary trust, and is funded after your death.

A testamentary trust does not provide the benefits to you during your lifetime like a revocable living trust, nor does it have any advantage over a revocable living trust. A trust created by will can still give you control over how and when a beneficiary receives an inheritance, allows for professional investment management and administration and can protect the assets from creditors or spendthrifts.

Advantages of a Trust

With a trust, you can give children or grandchildren their inheritances in installments, so they don't "blow it" all at one time. If you are concerned about the spending habits of a son or daughter (or their spouse), you could provide periodic income and keep the rest in the trust. You could also supplement the income of a child, matching earned income or providing a limited monthly "allowance" to encourage the child to be productive.

If drafted appropriately, you can provide for a loved one with special needs through a trust without disturbing valuable government benefits.

No other estate plan gives you this much flexibility and control.

Corporate Trustees vs. Individual Trustees

A corporate trustee is a bank or trust company that specializes in managing trusts. Some people select a corporate trustee to act as trustee or successor trustee for them, especially if they don't have the time, ability or desire to manage their own trusts.