A trust executive is one of two types of professionals: a lawyer who assists individuals in drafting and executing trust instruments, or a specialist who serves on a public trust’s executive board. Apart from the fact that they have the same title, these jobs have very little in common. Drafting trust instruments necessitates a thorough understanding of tax structures as well as jurisdiction-specific inheritance laws. Members of the public trust board provide input on how government agencies are run, vote on leadership changes, and assist trust employees in defining their organizations’ directions and goals. Defining a trust executive job description is entirely dependent on the type of trust executive position at hand.
Individual trust instruments are not the same as public trusts. Typically, they are non-profit organizations that work for the greater good. For example, public lands, forests, and wildlife preserves are frequently held “in trust” for the public’s enjoyment and preservation. Hospital services and health care clinics are frequently run as public trusts in some countries, particularly those with socialized healthcare.
The day-to-day operations of these trusts are often handled by civil servants, but they are usually overseen by a board of trustees. Trust executives are a term used to describe board members. In this case, a trust executive is usually in charge of ensuring that the trust’s overarching objectives are met.
Trust executives are in many ways managers in the private trust sector. They frequently supervise large groups of trust employees. Many of them are also in charge of donor management and fundraising.
Individual trusts are entirely different to draft and execute. In this position, a trust executive is a lawyer who has been trained in the laws of trusts and estates. He or she is usually employed by a financial institution or a banking organization that offers comprehensive financial planning services to clients. A trust attorney is a lawyer who practices in a law firm and provides similar services.
A trust executive is usually a member of the retirement planning team in the banking industry. He or she collaborates with portfolio managers and personal bankers to help clients set up trusts that will protect or direct their assets after they die. A trust is similar to a will, but it is more complicated because it defers asset transfer through different, usually tax-favored channels. This type of trust executive meets with clients, advises them on various trust options, and drafts and files the necessary legal paperwork to complete the trust instrument.
In both retirement planning and public asset management, trust executive jobs are typically available in a variety of settings. Public trusts can be found all over the world, and the types of work they do are varied. Among the many professions that can lead to a position as a public trust executive are doctors, botanists, wildlife specialists, and human resources professionals. Careers as a trust executive in retirement planning are more nuanced, but they can still be pursued in a variety of settings, from large multi-national banks to neighborhood credit unions.