Trust Services

Office Locations

Madison, WI
1221 John Q Hammons Dr.
Madison, WI 53717

Milwaukee, WI
18650 W. Corporate Dr.
Suite 200
Brookfield, WI 53045

Appleton, WI
4321 W. College Ave.
Suite 300
Appleton, WI 54914

Sioux Falls, SD
300 North Dakota Ave.
Suite 310
Sioux Falls, SD 57104

(888) 856-8801

Trust Services > Frequently Asked Questions

Frequently Asked Questions

Here are some questions we frequently encounter with clients. Please contact an SVA Professional for more information.

Q: What is a trust company?
A: A trust company is a business entity that is authorized by a state or the federal government to act as a trustee and to provide trust related services.
Q: What is the official name of the trust company?
A: Our official name is SVA Plumb Trust Company,LLC.
Q: What are the different types of trusts?
A: 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.
Q: Who can serve as a trustee?
A: 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 that its employees understand the special nature of the trust relationship and will perform their duties in a manner that reflects the company's commitment to its fiduciary obligations.
Q: Can you be Personal Representative (Executor) of my estate?
A: Yes, we have experience settling estates and can act as personal representative.
Q: Why choose an institution rather than an individual to serve as my trustee?
A: 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 that 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.
Q: Will you be my trustee of my life insurance trust?
A: 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.
Q: How is SVA Plumb Trust Company regulated?
A:

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 that 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 that we are following the rules and regulations which apply to trust companies and which help keep your assets safe.

Q: Can you write my will or trust?
A: 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.
Q: Are my trust accounts safe?
A: Because we are a trust company, we hold your assets in finduciary capacity which means that 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.
Q: Can SVA Plumb Trust Company draft estate plan documents?
A: SVA Plumb Trust Company cannot draft legal documents. However, we can review current documents and make suggestion that might be appropriate after discussing your wishes and desires and your family situation. Documents need to be drafted by an attorney experienced in estate planning.
Q: Can SVA Plumb Trust Company refer me to an attorney who practices estate planning?
A: Yes. We can provide names of attorneys and make suggestions based on our experience and your needs.
Q: What kind of estate planning do you do at SVA Plumb Trust Company?
A: 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.
Q: Who handles the investment management in my trust account?
A: 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.
Q: How do you determine which investment manager will manage my account?
A: Your investment manager will be determined by your preference and by your history with the manager.
Q: Are investments covered by FDIC insurance?
A: You investments with us are held at various insured custodians throughout the country.  SVA Plumb Trust Company has contracted with Bank of New Your 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.
Q: Is SVA Plumb Trust Company insured?
A: 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. 
Q: How much money do I need to open an account with SVA Plumb Trust Company?
A: 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.
Q: Do you offer on-line account access?
A:

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

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