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Why should a law firm set up a trust company?

In the U.S. today there are several hundred law firms that own their own trust companies. As a will and estate planning specialist, it makes perfect sense to create a perfect synergy between you and your client by assuring that the trust that you set up for your client will be executed with perfect precision through your own trust company.

For the law firm here are the important benefits to consider for setting up your own trust company:
Maintain control of accounts. As a law firm it's important to know that when preparing a will or trust for a client, you may be called upon to ensure that your will or trust will work. In many cases involving a trust, the trustee will not interpret or understand how the trust is supposed to operate. Heirs could be left out, or even worse, lawsuits may follow to ensure the trust is executed properly. When a law firm owns its own trust company, it will ensure that the process of transferring wealth to the heirs will flow without problems.

Ensure proper planning. There's an important synergy between a trust company and a wills and estate attorney that ensures the process operates smoothly and seamlessly. For example, if an instruction isn't understood properly by a trust officer it can result in devastating consequences to an heir or beneficiary. Having your own trust company assures that clients' estates are being planned properly.

Capture new business. More and more wealthy families prefer following the advice of their attorneys. If your firm offers advice it also makes sense to coordinate an estate plan by implementing it through you law firms own trust company.

Profit. Earn substantial income through charging trustee fees and other fees from performing trust service intermediation on behalf of your clients.

 

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