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Agent for Trustee

TRUSTS & ESTATES

In your role as trustee, you are faced with a number of complexities and obligations. Your responsibilities may include ensuring the trust assets are protected, keeping proper accounts and providing a detailed accounting to beneficiaries. As your agent, we can assist you in completing these tasks through a tailored solution designed to meet your needs.

City National Bank’s (CNB) Trust and Estate Admininistration Team’s Agent for Trustee solutions include a full range of services. CNB trust professionals are experts in the unique requirements of trust custody, recordkeeping and accounting, and can support you in the investment process for trust assets. In addition, their specialized knowledge associated with trust taxation (available as an add-on service to any Agent for Trustee solution) can provide welcome assistance for busy trustees.

CNB clients include individuals who have been appointed as trustees of living or testamentary trusts and need help fulfilling some or all of their duties. CNB also works with notaries, accountants and other professionals who require specialized expertise in the administration of their clients’ trusts.

In addition to the reassurance that comes from working with trust professionals, you benefit by having the time and effort associated with your trustee duties minimized. Having fewer professionals involved with the management of your trust should also reduce costs and errors. The expertise and organization that your agent provides will bring you — and the trust’s beneficiaries — peace of mind.

Choose the solution that works for you. Regardless of which Agent for Trustee solution you choose, you will receive attentive, reliable expertise to help you in the ongoing management of trusts under your administration. In all cases, you retain final decision-making authority. While not included in City National Bank's Agent for Trustee solutions, full investment management services are available through our City National Rochdale colleagues.

CNB AGENT FOR TRUSTEE SOLUTIONS INCLUDE:
SCHEDULE OF SERVICES – AGENT FOR FIDUCIARY

Does NOT include real property management

 

  Complete Admin "A" Partial Admin "B"
Preliminary Work    
Have initial meeting and consultation with trustee • •
Review terms of trust documents • •
Obtain information related to the trust • •
Determine roles and responsibilities of agent and trustee • •
Establish a trust account • •
Document ongoing instructions • •
Set up reminder of trust year end • •
Assets    
Arrange for transfer of assets from present custodian and re-registration of securities as appropriate • •
Provide safekeeping of securities as appropriate • •
Document all other assets (promissory notes, mortgages, real estate, non-marketable investments) as appropriate • •
Process security transactions as directed by investment agent/trustee • •
Collect interest, dividends and other income earned on trust assets • •
Provide notices of corporate changes to trustee(s) or investment agent for assets held in custody • •
Provide notices of corporate changes to trustee(s) or investment agent for assets held in custody • •
Real Property    
Obtain independent appraisal of real property •  
Provide guidance on securing the real property •  
Arrange for insurance •  
Pay property taxes •  
Pay utilities •  
Deposit rent payments provided by trustee or property manager • •
Promissory Notes/Mortgages    
Deposit payments • •
Track and update outstanding balances •  
Payments to Third Parties/Beneficiaries    
Pay expenses of the trust from principal or income • •
Make payments to designated beneficiaries • •
Provide assistance in discretionary decision process •  
Distribute trust assets to beneficiary when directed • •
Periodically distribute trust income to beneficiary • •
Trust Accounting and Statements    
Record all assets and allocate to principal and income as appropriate • •
Record and track adjusted cost basis of assets as directed • •
Provide regular investment statements to trustee and beneficiary detailing book and market value of securities in custody • •
Provide regular statements to trust’s investment agent, legal advisor and/or accountant detailing investment assets and transactions held in custody • •
Tax Reporting    
Deduct non-resident withholding taxes from payments to non-resident beneficiaries and remit to IRS • •
Provide year-end transaction worksheets to trustee or accountant • •
Investment Agent Assistance    
Provide guidance to trustee on considerations related to trust investment process •  
Complete annual account review •  
Other Services    
Coordinate communications and administration with trust’s other professional advisors •  
Coordinate payments from private companies as instructed by trustee or tax advisor •  
Assist trustee with trust distributions •  
Trust Distributions    
Prepare a plan of distribution to beneficiary for custodial assets as directed by trustee •  
Draft preliminary cash requirements for initial distribution •  
Complete partial distribution to beneficiary for custodial assets •  
Complete final distribution to beneficiary for custodial assets •  

City National Bank its affiliates and subsidiaries, as a matter of policy, do not give tax, accounting, regulatory or legal advice. Rules in the areas of law, tax,and accounting are subject to change and open to varying interpretations. You should consult with your other advisors on the tax, accounting and legalimplications of actions you may take based on any strategies presented taking into account your own particular circumstances.

City National Bank Member FDIC. City National Bank is a subsidiary of Royal Bank of Canada.

©2018 City National Bank. All Rights Reserved. cnb.com

Important Disclosures

The information presented does not involve the rendering of personalized investment, financial, legal or tax advice. This presentation is not an offer to buy or sell, or a solicitation of any offer to buy or sell mentioned herein.

Professional trustee services are offered to City National Rochdale clients by City National Bank which may serve as trustee.

City National Bank Member FDIC. City National Bank and City National Rochdale are subsidiaries of Royal Bank of Canada.

City National Bank, its managed affiliates and subsidiaries, do not provide tax or legal advice. All decisions regarding the tax or legal implications of your investments should be made i n connection with your independent tax or legal advisor.

Past performance is no guarantee of future performance. As with any investment strategy, there is no guarantee that investment objectives will be met, and investors may lose money.

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