What is a trust company?

A trust company is a legal entity that is formed to manage the assets of another person or organization. In Pennsylvania, trust companies are chartered by the Department of Banking and Securities and regulated by the state’s Trust Code. Trust companies typically provide services related to trusts and estates. This includes acting as a legal custodian of assets, managing investments, and performing administrative duties such as keeping records and preparing tax returns. They can also manage various types of trusts such as living trusts, charitable trusts, and irrevocable trusts. Trust companies offer a variety of services related to estate planning. They help individuals create wills, set up trusts, and prepare documents for inheritance tax planning. Trust companies may also be hired to administrate estates after a death in order to ensure that the assets are distributed according to the wishes of the deceased. Trust companies also provide private banking services to clients. These services may include managing funds, providing asset protection, and helping to create an ordering list of beneficiaries. Trust companies also provide investment advice and services related to financial planning. Trust companies are required by law to hold client assets in a fiduciary capacity. This means that their primary concern is to act in the best interests of their clients. Trust companies must maintain the highest standards of integrity and fiduciary duty when managing client funds.

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What is a trust company?

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