Fiduciary Services — Utilizing Our Team in Your Estate Planning and Administration Process
Our clients are accustomed to our level of service and our investment management and financial planning process. We sought a broker/dealer that allowed us to maintain the control of the core components of portfolio construction and client connectivity, while affording us the opportunity to connect with a partner that could serve in a fiduciary capacity for clients in their estate planning documents to provide estate settlement services, trust bill services, and other fiduciary roles.
We have two (2) main Fiduciary Services Partnership established, one for State of Michigan Clients and one for non-Michigan clients.
Trust Services with Legacy Wealth Partners and Tri-Star Trust Bank
Trust Services Legacy Wealth Partners
A trust gives you greater control over your wealth. It allows you to specify when and to whom your assets can be distributed and can protect your estate when it is passed on to your heirs. The professionals at Legacy Wealth Partners are prepared to work with you and your attorney to help you design the specific type of trust that meets your goals. As the Investment Advisor of your trust, we will manage the trust’s assets carefully and impartially.
What is the Relationship Between Legacy Wealth Partners and Tri-Star?
Legacy Wealth Partners has created a relationship with Tri-Star Trust Bank who can provide additional trust services and serve as your corporate trustee. Legacy Wealth Partners and Tri-Star share the common goals of serving the community and providing superior trust services through open and regular communication with trust beneficiaries; compliance with the Michigan Trust Code; and providing practical advice on the formation and administration of trusts.
Tri-Star Trust Bank was founded in 2000 as a privately owned trust company that has in excess of $1.3 billion in assets under management. With offices in Saginaw, Frankenmuth, Greater Lansing, and Midland, Michigan, Tri-Star's mission includes:
- A DNA of caring for clients, each other, and the community
- Providing sophisticated services through strong partnerships
- Providing specialized fiduciary services, particularly trust services
These are the elements that fostered the partnership between Legacy Wealth Partners and Tri-Star. The principals at Tri-Star have a long history of working together with the Michigan Bankers Association, a trade association of Michigan financial institutions that focuses on advocacy in legislation, professional development and new products and services offered by the financial services industry.
How Will My Trust Be Administered?
Tri-Star Trust Bank is acting as the corporate trustee and they are responsible for the day to day administration of the trust. Legacy Wealth Partners is named as the investment advisor of the trust and will work with Tri-Star Trust Bank regarding issues and questions concerning the trust’s assets and administration. Legacy Wealth Partners will also work in conjunction with your estate planning attorney and accountant to ensure the trust assets are administered in accordance with your wishes. Legacy Wealth Partners is the face of the relationship and will provide Tri-Star Trust Bank with the necessary information to comply with its regulatory requirements as a directed trustee and through regular communication, will equip Tri-Star Trust Bank with the ability to carry out its function as trustee.
Will I Pay More?
Legacy Wealth Partners assesses an additional 0.25% for trust fiduciary services in addition to the fee charged for investment management services. Please see the fee schedule documents for a listing of fees charged for investment management services.
Is There a Minimum Trust Size Required?
Legacy Wealth Partners and Tri-Star value the ability to serve the community regardless of the size of your trust.
We help our clients' estate planning attorneys to list the Bank of Oklahoma as their corporate fiduciary in their estate planning document so that we can provide this level of service to our clients.
The Bank of Oklahoma Private Wealth Group is composed of 135 trust, fiduciary, and investment officers.
Personal Trust Administration
Through our relationship with this institution, we have the ability to assist our clients in the administration of trusts, including distributions to beneficiaries, tax filings, bill paying, and detailed financial records.
Estate Administration Services
One of the reasons we partnered with this institution is that they come in town locally to meet with our clients on an annual basis. These services involving personal trust, probate, and estate settlement and administration include, but are not limited to:
- Compliance with applicable state probate laws and federal estate tax laws
- Collecting, appraising, inventorying, and managing of estate assets
- Payment of debts and expenses
- Tax return reporting and coordination of tax matters with outside accountants
- Distribution of assets in accordance with testamentary instruments
- Obtaining the latest will and reviewing its instructions
- Court filings and legal notices
- Coordination with other trustees, guardians, and conservator
Specialty Asset Management
Bank of Oklahoma’s Trust services are experts in the handling of mineral and land management.
Trust services provided through fiduciary partners are separate and unrelated to Commonwealth.