FAQs - Trust Services

A trust company is a business entity is authorized by a state or the federal government to act as a trustee and to provide trust related services.

Our official name is SVA Plumb Trust Company,LLC.

The two basic kinds of trusts are inter vivos trusts, or living trusts, those created by an individual during his life, and testamentary trusts, those created in a will and funded after an individual’s death.

Inter vivos trusts can be either revocable or irrevocable and may be used for charitable or family gifting or as a vehicle to facilitate asset management.

An individual is not required to have special qualifications in order to be a trustee. However, a business is not permitted to call itself a trust company unless it has demonstrated its employees understand the special nature of the trust relationship and will perform their duties in a manner reflecting the company's commitment to its fiduciary obligations.

Yes, we have experience settling estates and can act as personal representative.

A trust company is an institution specifically designed to act as trustee. When you name a trust company to serve as your trustee, you can be confident the trustee will ensure compliance with the terms of the trust, while adhering to the highest standards of conduct required by law.

While a family member or friend can serve as trustee, many people do not know someone who has the knowledge and experience to carefully invest trust assets, make impartial decisions and serve in this capacity for as long as the trust will be in existence. Others simply do not want to burden a family member with the ongoing responsibility of serving as trustee.

We will act as trustee of a life insurance trust for clients as a part of an overall relationship between the client and SVA Plumb Financial, LLC.

A trust company is required to maintain records of everything it does with respect to trust administration and trust property. These records are highly inspected by state or federal government officials. The regulator must be satisfied the trust company is fulfilling its fiduciary duties and has the power to compel the trust company to act properly through a variety of sanctions.

SVA Plumb Trust Company is a state-chartered trust company regulated by the State of South Dakota Division of Banking. We are examined by the State of South Dakota to ensure we are following the rules and regulations which apply to trust companies and which help keep your assets safe.

We have a standard trust document for clients who do not wish to use the trust as their estate planning vehicle. You need to have your attorney draft your will or trust to create your estate plan.

Because we are a trust company, we hold your assets in finduciary capacity which means trust assets are not subject to the claims of our creditors. In addition, the trust company maintains insurance in the case of an error or wrongdoing.

SVA Plumb Trust Company cannot draft legal documents. However, we can review current documents and make suggestion that may be appropriate after discussing your wishes and desires and your family situation. Documents need to be drafted by an attorney experienced in estate planning.

Yes. We can provide names of attorneys and make suggestions based on our experience and your needs.

We are happy to review existing estate plans with our clients, to discuss various estate planning options and to make suggestions of possible estate planning solutions.

If you do not presently have an attorney, we can also refer you to an attorney who can assist you in implementing the plan.

SVA Plumb Trust Company has contracted with SVA Plumb Wealth Management to provide investment management. SVA Plumb Financial will provide you with an experienced investment team who coordinate closely with your trust officer.

SVA Plumb Trust Company also coordinates with other investment managers if the client so chooses.

Your investment manager will be determined by your preference and by your history with the manager.

You investments with us are held at various insured custodians throughout the country. SVA Plumb Trust Company has contracted with Bank of New York for custody services and with a local bank for correspondent services.

Our correspondent bank is covered by FDIC insurance, so any funds you might have with us in cash awaiting next-day transfer to Bank of New York are covered by FDIC insurance.

SVA Plumb Trust Company carries all insurance mandated by the State of South Dakota for trust companies. This includes an errors and omissions policy as well as fidelity bond covering trust employees.

We are able to work with accounts of various sizes. If you are willing to invest solely in the mutual funds, the smallest economical account size is approximately $500,000.

If you want to utilize individual asset management, the smallest economical account size is approximately $1,000,000. Because we have certain fixed costs with both types of accounts, we have to enforce a minimum fee.

Yes, please contact your Trust Officer or call 1-866-885-8601.