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Trust Services

Cape Ann Savings Trust & Financial Services has proven itself an accomplished trust administrator throughout its 30-year history. We have also assisted clients who were named as trustees, but required assistance in fulfilling their roles. To learn how we can assist you, please call 978-283-7079 and simply ask for one of our Trust professionals, or email us. It all starts with a conversation. So, let’s start a conversation today.

You have questions. We have answers.

Trust Services

Most families contemplate a trustee for their trust only once in their life. Each and every trust situation is as unique as the family behind it. Why not select a partner with the experience and knowledge to fulfill your wishes?

Trusts draw a distinction between principal and income. Typically, income from the trust is distributed to the trust beneficiaries (off the trust’s tax return). The trust’s principal, however, is typically more protected, and is available only under certain circumstances.

Think of it like farmland. When considering a farm, the fields would be considered trust principal, while the crops grown on them would be considered income. With financial assets, stocks and bonds would be considered trust principal, while the dividends and income they produce would be considered income. The day-to-day details of trust accounting, financial assets, principal, and so on, are why many folks prefer to designate an experienced professional to act as trustee; or have the Department take on these details, so a layperson trustee can focus on the beneficiaries.

Call Cape Ann Savings Trust & Financial Services today at 978-283-7079 or email us and see how we can help.

 

 

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