Fiduciary Services
Naming a trustee to carry out your wishes upon incapacity or death is a decision that affects you and those you care about most. A trusted, competent family member is the logical first choice to be named as a trustee. However, an individual trustee can make poor investment decisions or neglect a beneficiary and not be held accountable. We are held to a higher standard.
That is why First Midwest Wealth Management1 is an excellent alternative when there is not a successor trustee ready, willing or able to serve. Unlike many other corporate trustees, all of our trusts are assigned to an individual Wealth Management Officer who is supported with a large team of investment, estate law and tax professionals.
First Midwest Wealth Management manages trust assets for the benefit of your named beneficiaries with impartiality but not without compassion. All trusts are assigned experienced Relationship Managers backed up by a team of investment and administrative professionals who can carry out all of the duties of a trustee.
The estate settlement process is unique and foreign to most individuals. Probate procedures are different in each state and can be a complicated process. The role of executor is usually assigned to a family member or close friend during a time of grief and stress. We have the people, systems and most importantly, the experience to handle this responsibility effectively. Naming First Midwest as an executor or co-executor can expedite the process, saving heirs the aggravation, time and money.
First Midwest Bank offers Guardianship Services for those who are required to have a corporate fiduciary act as guardian of an estate. The guardian of the person provides the day-to-day care of a minor or incapacitated adult ward, and the guardian for the estate is responsible for financial matters. The same person can serve in both capacities, but the court may decide that it is more appropriate to use the services of a corporate fiduciary.
First Midwest Bank Guardianship Services typically include:
- Paying all bills and ongoing expenses
- Helping determine living expenses and cash flow needs
- Monitoring medical insurance filings and expenditures
- Preparing and filing of federal and state income tax returns
- Prudently investing and managing the assets
- Coordinating with consultants and the guardianship attorney
- Preparing periodic court accountings
- Keeping families involved with the decision-making process
We understand that selecting a guardian is an important decision. First Midwest Bank will listen to your concerns and advocate for your loved one’s needs with professionalism and expertise. We work hard to make the guardianship process easy for you and your legal representative. Our dedicated and concerned staff has decades of experience acting as a guardian, and it is our goal to meet your needs and those of your family. The Wealth Management Officer assigned to each guardianship client also knows how to work with consultants and legal representatives for the benefit of the person and the family as a whole. We are here to help you work through the issues that arise when managing the affairs of those who cannot do it for themselves.
At First Midwest Bank, we recognize that estate planning can become confusing, especially when an individual wants to retain the services of an existing investment advisor. Under these circumstances, First Midwest Bank will agree to take on the trustee role, structuring the trust with the appropriate language to shift the fiduciary responsibility from the trustee to the investment advisor. This Trustee and Investment Advisor Relationship Agreement (TIARA) is a directed trust service that allows the investment decisions to be made by the investment advisor while First Midwest Bank retains custody of the assets.2 The procedures for trading securities will be dependent upon the platforms used by the advisor, but First Midwest can provide the means to execute trades on behalf of the trust, whatever the situation.
Our comprehensive trust administration handles principal and income accounting, discretionary distributions, collection of rents and expense payments, and loan documentation (if required). All assets – including real estate, private placement, and non-traditional assets – can be combined into one statement, providing the advisor and beneficiaries a consolidated picture of the trust assets. Additionally, professional Wealth Management Officers1 are available to help with the administration and recordkeeping tasks, as well as personally handle requests from the beneficiaries.
Advisors who are interested in finding out more about our Trustee and Investment Advisor Relationship Arrangements should contact a First Midwest Wealth Management Officer for more detailed information about this service.
Advisors who are interested in finding out more about our Trustee and Investment Advisor Relationship Arrangements should contact a First Midwest Wealth Management Officer for more detailed information about this service.
Effective estate planning and estate settlement starts with an attorney and ends with satisfied clients and heirs. First Midwest Wealth Management1 is dedicated to developing relationships with attorneys by augmenting the planning phase and assisting with the settlement process. As a corporate trustee and executor, we have experienced trust personnel and systems designed specifically for trust and estate recordkeeping and accounting. Advantages of working with First Midwest include:
- Commitment to our retention of legal counsel policy
- Experienced wealth officers
- Trust and estate recordkeeping systems with tax details
- Vault storage for documents and estate valuables
- Will filing system for maintaining testator and grantor information
