Distribution Trustee Services

In addition to our regular Trustee services, Summit Trust offers Distribution Trustee Services* to individuals that want an unbiased and independent Trustee to approve and authorize distributions.

A Distribution Trustee is a special entity that responds to requests from beneficiaries for distributions from the Trust. The Distribution Trustee makes the determination if the request is valid or not, and informs the Primary Trustee of the decision, allowing the Trustee to make the distribution. It should be noted that for Asset Protection, and Spendthrift Trusts, it is almost always necessary to have a Distribution Trustee to act on behalf of the beneficiaries.

Making the decision to use a Distribution Trustee is also a wise choice for those who have set up either a Living Trust, a Special Needs Trust, or an Irrevocable Life Insurance Trust (ILIT). If your existing Trustee is a family friend or a relative, having a Distribution Trustee will take a lot of the burden off of them when it comes to making financial decisions regarding your beneficiaries, leaving them free to do their administrative duties.

Because of Summit's low Distribution Trustee fees, this also makes a cost effective choice. Your Attorney and other Advisors will often recommend the use of Summit Trust Company as your Distribution Trustee. The peace of of mind you gain is worth many times the small annual fee for this service.

Other Services offered by Summit Trust Company to families with Living Trusts and Irrevocable Life Insurance Trusts are:

• Funding the Trust through Asset Retitling
• Administration ~ to keep things correct

A family member may be the trustee of your living trust, in many cases this may be fine. We work with many attorneys throughout the country who draft very good living trusts for their clients.

* For those trusts in which Summit Trust Trust Company is not serving as the sole trustee, the trust document must specifically designate which duties and responsibilities are granted to Summit Trust Company, and which are granted to one or more co-trustees.