Why Choose CSI Trust Company?
According to US News contributor, Leslie Thompson, she states that one of the hardest decisions to make when finalizing your estate plan is who to name as your trustee when you die or become incapacitated.
For many elderly people, an adult child, other relatives or close friends becomes the solution since they should know what is best for the trust and its beneficiaries. However, Thompson says that naming a loved one as trustee or successor trustee has the potential to create unexpected problems over time. “Even financially sophisticated individuals can find the administrative aspect of serving as trustee time-consuming and challenging,” states Thompson. Often, we have witnessed when family members or friends are placed in the position of trustee, they can be influenced by emotions and personal agendas.
Based on the nature of the trust, the individual trustee may be required to perform many time-consuming and complex duties. The basic duties typically include investing and managing trust assets, paying bills, maintaining records, making income and principal distributions to beneficiaries per the terms of the trust agreement, and filing trust tax returns and reports.
Preserve Family Unity
Many Asian parents often name an oldest child as the trustee of their trusts. The trustee can be faced with difficult choices that are not always popular with the beneficiaries of a trust. When this involves family members, the named child is put in a situation that can cause conflict among the family. A corporate trustee, such as CSI does not face these personal issues among the family members. This allows the trustee to make the best possible decision, preserving harmony within the family.
Considerable Experience
As corporate trustee, CSI has a great deal of experience in the administration and investment management of trusts and are usually more efficient and knowledgeable in trust matters than non-professional individuals.
Under the oversight of the Director of Fiduciary Services and Chief Trust Officer, our Trust Specialists and administrators manage the day-to-day responsibilities related to your personal assets to help ensure the directives in your trust, will and conservatorship documents are closely followed. We are skilled in managing the personal relationships and family dynamics that often come into play. Our goal is to make sure your wishes are fulfilled, your legacy preserved and your beneficiaries protected.
Regulation
CSI Trust Company is under the oversight and regulation of the Division of Financial Institutions of the State Department of Commerce and Consumer Affairs. It is subject to periodic examination by the State of Hawai'i to ensure that its management, business practices, and policies are prudent and sound, that it is not engaging in illegal, unsafe or unsound practices, and that it is able to meet all of its obligations when due, and comply with all applicable laws. This is all for the protection of trust beneficiaries.
Objectivity
CSI Trust Company is bound by the terms of trusts, wills and conservatorship orders, and shall administer such documents as they are written. Sometimes an individual trustee may favor some beneficiaries over others, or to be subject to pressure from one beneficiary, notwithstanding the trustee's fiduciary obligation to all beneficiaries.
Advice and Referrals
Corporate trustees have a network of professionals from whom they can get answers to difficult questions. They can refer beneficiaries to competent legal, investment and accounting professionals when there is a need.
Peace of Mind
Individual trustees cannot always fulfill their duties, due to illness, personal commitments, or death. Corporate trustees, on the other hand, are likely to be in business for the foreseeable future.
Beneficiaries can have peace of mind that CSI Trust Company will be making the right decisions for them, and that it is committed to satisfying its fiduciary duties.
Tax Management
Most corporate trustees have tax expertise or have contracted with competent tax preparers, so they are able to handle trusts properly from a tax perspective.
