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Trusts & Estates

Trusts Estates IconPlanning for your family’s future well-being often means making long-range financial decisions today. Our professional experts can guide you through estate planning issues and offer strategies that can help secure your family’s financial future for years to come. Many of our clients are also interested in building a legacy through philanthropy and we offer a number of ways to accomplish that goal with tax advantages.

Tompkins has been providing trust, estate, and investment management services for more than a century. Trust assets are managed using our disciplined, objective investment management process.  We go to great lengths to maintain the highest standards of fiduciary practices

Whether you are looking for a trustee, successor trustee, or executor, we are delighted to listen and collaborate with you and your other advisors on an appropriate solution. Our collective years of experience and professional training allow us to think creatively and arrive at practical approaches that will bring you peace of mind.

TRUSTS

One estate planning strategy that is commonly used is the creation of a trust. Trusts can be beneficial for minimizing estate taxes, controlling when, how, and to whom assets are distributed, reducing the unexpected costs of probate and keeping your affairs private.  Trusts are also used for clients who want to leave a legacy through philanthropy, thereby realizing tax benefits while also providing for loved ones.

Perhaps the single most important factor in the ultimate success of a trust-based estate plan is the choice of trustee for its supervision. A trustee’s responsibilities are wide-ranging. By law, and subject to the specific terms of the trust document, the trustee may have remarkable power over the fate of your family fortune. Trust creators need to have confidence that such power will be exercised wisely and objectively.

WILLS

Simply put, virtually everyone needs a will. Unfortunately, many individuals leave an unrecognized weak point in their wills: spouses, relatives or business associates are designated to fill what is presumably the mostly “honorary” post of executor. In reality, estate settlement involves a demanding, complex set of tasks and the results, for better or worse, depend upon the experience, skills and judgment of those you designate to handle the job.

By naming Tompkins Trust Company as your corporate executor in your will, we can handle all aspects of the estate settlement process. We will collect and safeguard your assets, pay proper debts, contest improper claims and file all required estate and income tax returns. We will also carry out the wishes you set forth in your will as to the ultimate distribution of assets to your beneficiaries.

Please consult with your tax advisor on any tax-related matters.