What does peace of mind really mean?
We believe it means knowing that you won’t outlive your money. Knowing your loved ones will be taken care of when you’re gone. Knowing a good plan will protect your hard-earned funds. Knowing you have a partner that won’t be in the news every other day because of something else they did wrong.
We believe that’s what it means to be a fiduciary and a partner with the added bonus of giving you peace of mind. Someone you can trust. Someone you can depend on in the good times and bad. Someone that won’t pressure you with dishonest sales tactics or who puts their own interests above your own. We believe that’s what managing your legacy is all about! And we don’t take that responsibility lightly.
At ONST, we have over 250 of combined years of experienced people that know how to care for our clients, and we make sure that their wishes and needs are executed as they desired. We make sure that there are no incentives to do the “wrong” thing.
Here are a few examples. We had a client whose husband had always taken care of the finances and of her, in general. He passed away and left her his life savings, which was enough for her to live on, but was not such a substantial sum that she could afford what some would consider a lavish lifestyle.
She was extremely hard of hearing and had never learned to drive. She would take the bus, then walk to wherever she wanted to go. They had one daughter who lived out of state and was not close to her mother.
At least once a week, she would come to the office just to let us know that she was still alive and well.
For several years, “Mrs. Sara” continued her normal lifestyle and all was well. But, as she aged, she got to the point of not being able to care for herself as well. There was one time when she got sick and we didn’t see her for a while. We became concerned for her, so we went to her home and realized she had not gone grocery shopping in quite some time and we really weren’t sure how long it had been since she last ate.
We went shopping for her and took the groceries to her home and stocked her kitchen. She was surprised and not sure how to react, but very happy for the much-needed supplies.
Eventually, she had to go to an assisted living facility. When she did, we visited her and brought her a BBQ sandwich from her favorite restaurant, just because we knew she would be craving one!
This isn’t the normal course of duty for us, but what is normal is the care we take with each of our clients. This story isn’t intended to toot our horn or anything of that nature, but to show one small example of the peace of mind that can come from having a relationship with a company whose core values are to care for our clients and to meet their needs, whatever those needs may be.
Another example is a client we met with recently to help him with his estate planning. His attorney suggested that he come see us to discuss naming us as Trustee at his death. He has two children and wants to make sure that they are taken care of when he’s gone.
We talked for a long time about his life, how he earned his money and the legacy he wants to leave to his children. He told me that he felt like he was trying to control them from the grave. We explained that the difference between controlling and protecting was that he couldn’t control what they did with the funds they received, but by naming us as Trustee, he could have the peace of mind that comes from knowing there will be someone around to ensure that they are taken care of in the manner he would like.
That really resonated with him, since both of his children are not very good with managing money. He loves them both dearly but is afraid that they are not capable of handling the legacy that he will leave to them.
He felt much better knowing that there will be someone in place that does know how to manage the funds, will always be around and will listen to their needs in an unbiased manner, but also follow his instructions.
That’s peace of mind!
Old North State Trust, LLC (ONST) periodically produces publications as a service to clients and friends. The information contained in these publications is intended to provide general information about issues related to trust, investment and estate related topics. Readers should be aware that the facts may vary depending upon individual circumstances. The information contained in these publications is intended solely for informational purposes, is proprietary to ONST and is not guaranteed to be accurate, complete or timely.
Susan Willett is the director of trust services and oversees all aspects of trust administration for Old North State Trust, LLC. Old North State Trust, a North Carolina chartered trust company, provides: asset management services; income, estate and trust tax consulting; retirement planning and administration; and trustee and estate services to both individuals and businesses. Old North State Trust professionals have many years of experience and for over a decade have assisted clients in identifying and reaching their financial goals. For more information, visit www.oldnorthstatetrust.com or call 910-399-5470.
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