Trust & Estate Services FAQs
Trust & Estate Services FAQs
We maintain offices in Florida, Virginia, and Colorado, with remote access available in all states. Please contact us at (888) 727-9191, and we will route you to a representative that can work with you.
Feel free to contact any of our Portfolio Development Officers. We have one for each region:
East: Jeremy Engelson, (516) 582-2635 or firstname.lastname@example.org
Midwest: Brandon Zimmerman, (312) 622-2331 or email@example.com
South: Bill Comber, (813) 676-1128 or firstname.lastname@example.org
West: Lucas Podboj, (714) 390-9772 or email@example.com
To open a trust account, you first need a trust document, either created under the terms of a will (a testamentary trust) or under the terms of a trust document (a living trust). After the trust has been created by its respective document, you can open a bank account or transfer your current bank account into the trust.
Each asset and type of asset has a different procedure for funding. Generally, you will need to change the title on after-tax assets (eg, houses, bank accounts, investments) and change the beneficiary designation on life insurance and tax-deferred assets (eg, IRA, 401k, TSP). However, we recommend consulting an estate planning professional on specifics.
Generally, our minimum account size is $250,000.
It’s not uncommon for beneficiaries to reside in another city/state from their assigned Trust Officer. We work with your loved one to find the right method to communicate, whether it be by phone, text, email, or video calls. We have also traveled to meet with beneficiaries and families as appropriate.
If the trust is drafted and sitused in the United States, we can administer the trust regardless of where the beneficiaries reside.
We believe in building strong relationships with beneficiaries through ongoing communication and setting proper expectations. Although a team of professionals will be working behind the scenes, your child will always work with one Trust Officer who will be their primary point of contact.
As Trustee, we’re required to keep records of the administration of the trust. We’ll send income or principal to the beneficiaries of the trust at least annually. At the termination of the trust, we’ll send a report of the trust property, liabilities, receipts, and disbursements, including the source and amount of the trustee’s compensation, a listing of the trust assets and, if feasible, their respective market values. We’re required to keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests.
One of the great features of a trust is the built-in incapacity planning. However, certain things, like tax-deferred accounts, cannot be held in a trust while you are alive. You’ll still need power of attorney to address things not included in the trust.
Yes, that’s a common responsibility when we assume the role of Successor Trustee. Learn more about the role of a Trustee by visiting our blog, How to Choose a Trustee: 4 Key Considerations.
We cannot provide legal advice, but we could refer the Successor Trustee to a local attorney who specializes in Trust Administration.
Prior to us accepting the role of Successor Trustee, we will need to review the trust assets to determine what can be transferred in-kind. In-kind transfers will allow the assets to transfer directly to MTC, preventing a realized gain/loss due to sale.
A revocable trust is created during the lifetime of the grantor and can be modified. The grantor serves as trustee and maintains control over the assets for his or her lifetime. Generally, the terms of an irrevocable trust cannot be changed. For more information, see What is a Trust?
A charitable remainder trust is a tax-exempt, irrevocable trust designed to reduce the taxable income of individuals by: (1) dispersing income to the beneficiaries of the trust for a specified period of time and; (2) donating the remainder of the trust to the designated charity. This vehicle that allows a grantor to make contributions, be eligible for a partial tax deduction, and donate remaining assets to charity. For more information, read What is a Trust?
Yes, we not only administer special needs trusts, but we specialize in special needs trust administration. We have a network of local and national resources to support our beneficiaries, ensure their needs are being met, and protect the integrity of their public assistance benefits. Learn more about special needs trusts in our blog, A Guide to Special Needs Trusts.
MTC offers True Link cards to beneficiaries who have restrictions on expenditures. The True Link card allows us, as Trustee, to limit the retail store as well as the amount spent. Your beneficiary will be asked to provide receipts to MTC to ensure they do not get disqualified from public benefit eligibility.
Yes, we do manage some business accounts. Further documentation, such as Articles of Incorporation and Corporate Resolutions, would be required. For more information, pleast contact Trust Operations at (888) 727-9191.
Yes, Members Trust Company, as trustee, can administer farms, ranches and oil, gas, and mineral interests utilizing third party managers.
As executor of the estate, we can work with the general partner or managing member with the winding down the affairs of the beneficiary. MTC does not manage or run businesses
Yes. We will accept the appointment after a Trust Officer inspects the properties and completes due diligence to ensure there is no risk or liability to the company. In addition, sufficient liquid assets need to be held by the Trust to cover expenses of the Real Estate. For more information about RESA, visit our blog.
If the trust owns the home, it is the responsibility of the Trustee to pay the taxes, insurance utilities, and repairs.
The Trust Administrative Committee (TAC) has decision-making authority to the administration and acceptance of trust accounts. The Trust Investment Committee (TIC) has decision-making authority to investment accounts and supervises and reviews asset management activities on an account level. For more information, read our blog.
You can’t transfer your 401k/403b/TSP/IRA into your trust while you’re alive. Since you can’t transfer your 401k/403b/TSP/IRA into your trust during life, your trustee cannot manage it in the event of your incapacity. When you’re ready to rollover your account into an IRA (if it’s not in one already), our Flex IRA provides both incapacity and death planning. Learn more about the FlexIRA here.
We maintain three primary servicing models:
(1) Agency Office: The credit union, with guidance from MTC, reviews and hires a local Trust Officer to serve within the credit union;
(2) Representative model: The credit union uses an existing onsite credit union employee to refer business to MTC;
(3) If qualified, MTC will provide a local officer to the credit union, and the credit union will provide office space and access to facilitate meetings with members and stakeholders.