Trust Services

trust·ee  noun

“a person or organization that has been given responsibility for managing someone else’s property or money through a trust” 1

Greenfield Banking Company has extensive experience acting as trustee for millions of dollars of assets being held in trusts for many of the reason listed below. Our trust officers are experienced, competent, professional and easy to work with.  Our fees are reasonable and our service is excellent.  We welcome the opportunity to serve as trustee for your assets!

An individual might create a trust for the following reasons:
  1. Reduce or eliminate federal or state taxes
  2. Reduce or eliminate probate costs
  3. Provide a vehicle to hold assets and coordinate administration of an estate plan
  4. Provide for minor children in a flexible way that can be custom-tailored to your desires
  5. Provide for recipients who may be of legal age but lack the emotional or intellectual maturity or physical capacity  or technical training to handle large sums of money, family business or investment portfolio
  6. Provide for individuals who do have the capacity to handle large sums of money, a family business or investment portfolio but do not wish to devote the necessary attention required to effectively manage it
  7. Postpone full ownership of certain assets until the beneficiaries of the trust have attained certain ages or until certain events have occurred
  8. Enable the investment of an asset like life insurance or real estate that are difficult to split between many individuals
  9. Protect assets from creditors, divorce or other situations that can risk the loss of 
    personal assets

Duties Greenfield Banking Company Performs as Trustee
  • Thoroughly review trust document
  • Manage trust bookkeeping
  • Inventory trust assets and record tax cost basis and acquisition dates
  • Meet with grantor or beneficiary to determine expectations for the trust
  • Establish investment strategy appropriate to needs of present and future beneficiaries
  • Make investment changes in timely manner after thorough analysis
  • Collect dividends, interest and proceeds of matured bonds
  • Review trust assets regularly for quality and performance
  • Supervise business and real estate interests
  • Remit income to beneficiaries on a regular basis and send detailed income and principal statements
  • Exercise discretion about advancing principal to beneficiaries if needed and if permitted by trust terms
  • Provide funds for education of minor beneficiaries if allowed by trust provisions
  • Pay for support and medical needs of beneficiary
  • Keep record of taxable income and adjusted cost basis of assets
  • File fiduciary income tax returns annually and furnish data annually for beneficiary’s tax returns
  • Manage investments on a tax efficient basis
  • Maintain staff of trained professional trust officers and administrators
  • Submit actions to independent audit and examination
  • Seek legal counsel when necessary
Attributes of a Good Trustee

When selecting a trustee, the major attributes to consider are:
  1. Availability.  Is the trustee conveniently located and accessible?
  2. Impartiality and lack of conflict of interest.
  3. Financial security.
  4. Investment sophistication, policy and track record.
  5. Business sophistication.
  6. Accounting and tax-planning expertise.
  7. Recordkeeping and reporting ability.
  8. Knowledge of and sensitivity to beneficiaries and their circumstances.
  9. Fees.
  10. Tax-neutral impact.
  11. Decision making abilities.
  12. Competence.
  13. Standard to which trustee will be held.
  14. Integrity.
  15. Flexibility to meet changing circumstances. 
  16. Willingness to serve throughout the term of the trust.
  17. Experience as a trustee.
1- Merriam-Webster
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