Agent for Individual Trustee

It is often viewed as an honor to serve as trustee of a trust established by a loved one or friend. However, quite often the administrative duties can be time consuming, overwhelming or burdensome. PTC can assist an individual trustee by serving as Agent for Trustee. With the trustee maintaining complete control over investment management and discretionary distribution responsibilities, we can provide:

  • PTC trust officers to dialogue with and provide a knowledgeable review of the client’s trust agreement and the types of assets funding the trust
  • Trust accounting, distribution activity, transaction reporting, investment monitoring, and tax services, including the preparation of appropriate tax returns and all of the trust administration in compliance with complex state and federal laws
  • Preparation of the IRS Forms 1099 and Schedule D to track and report all taxable income and deductible expenses for grantor trusts and agencies
  • Preparation  and filing of IRS Forms 1041, of other applicable tax returns for a trust and K-1s for taxable income and deductible expenses for trust beneficiaries
  • Any required accountings to be filed with local courts
  • Regular maintenance and execution of scheduled or recurring payments as authorized or directed
  • Assistance with the proper determination of income or principal characteristics for transactions paid as stipulated in the trust agreement or state law
  • Regular reviews of all aspects of the trust’s administration for compliance with fiduciary laws and regulations