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Our Trust Services
Highlights:
- Millennium Trust is legally authorized to administer every type of trust vehicle.
- We use the Metavante Trust Accounting System, one of the country’s most powerful and robust systems, to support the complexities of custody and trust financial recordkeeping.
- Trusts require “dual” bookkeeping, separating income flows from the principal of the trust. This total competence is
rarely found on typical custodial and brokerage platforms.
- Fiduciary responsibility for a trust generally requires that the trustee retain custody of the assets. Millennium Trust uses Marshall & Ilsley Corporation as its sub-custodian.
- Millennium Trust will, however, provide trust administrative services for clients where custody is held at a brokerage if the broker is organized and qualified to accept and execute trusts, or if the trust instrument directs such a deposit.
We serve as trustee for the following types of trusts:
- Revocable Personal Trusts
- Irrevocable Personal Trusts
- All Charitable Trusts
- Individual Retirement Accounts
- Trusts where we are successor trustee and/or co-trustee
Financial recordkeeping services include:
- Custody of assets
- Review and appraisal of investment performance
- Controlled collection and disbursement of income
- Preparation of trust tax returns
- Remainderment distributions
- Monthly/quarterly/semi-annual/annual statements, as required
Millennium Trust is a member of the Association of Independent Trust Companies, AITCO, and the Retirement Industry Trust Association, RITA.
Trust and custody fees generally are negotiable, depending on the requirements and stipulations of the trust agreement. Fees begin at
85 basis points.
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