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Common Trust Company Terms
Hiring a financial planner in order to organize or monitor one's assets or investments can be a tedious process. When dealing with a trust company, bank, or other corporate financial institution, it is important to understand the terminology associated with this profession. Below are several important terms to be familiar with when researching trust companies, law firms, or other financial planners.
Trust Company - A trust company is a corporation, especially a commercial bank, organized to perform the fiduciary of trusts and agencies. It is normally owned by one of three types of structures, an independent partnership, a bank, or a law firm, each of which specializes in being a trustee of various kinds of trusts and in managing estates.
Trust Fund - A trust is a relationship whereby property, real or personal, tangible or intangible is held by one party for the benefit of another.
Escrow - Escrow is money, goods, or a written document, such as a contract bond, delivered to a third party and held by him pending fulfillment of some condition.
Inter Vivos Trust - Is a trust created while the grantor is still alive, which may be either revocable or irrevocable. Also known as a living trust.
Fiduciary - The fiduciary is the trustee of a trust, executor of an estate, or conservator of the fund or assets of a protected person.
Broker - A broker is an individual or brokerage firm that arranges transactions between a buyer and a seller, and gets a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Brokers serve both corporate and private entities. Insurance, mortgage, and investment brokers are just a few examples.
Trust companies are corporate banks and large commercial institutions that manage money and investment funds. These company locations commonly involve independent partnerships, law firms, and brokers or agents who handle money and large estates. Many people use trust companies to invest for the future. You essentially allow these banking institutions to handle your money and assets, and help it grow over time. These corporate banks and trust company locations are found all over the United States.
As you may be aware, trust companies and independent corporations not only assist you with investing, but they also provide legal advice, help with retirement plans, and handle insurance funds. For instance, if you are the beneficiary of a large sum of money, a trust company can assist you with the management of this capital. These financial institutions keep records of all personal accounts, and even help individuals with home titles and escrow money. Escrow typically refers to bonds, deeds, or deposits that are held by a third party. A lot just depends on what you want to the corporate institution or trust company to assist you with. One thing is for certain; these professionals can definitely help individuals and families manage their money more effectively.
You should surf the web in order to learn a great deal more about trust companies, corporate banks, and independent law firms that assist with fund management. This is an easy and convenient way to get more information on this subject, and you can pinpoint facts and details you are interested in.