Follow Susan Linkedin Twitter Facebook
Email Susan Email
Financial
Aug 1, 2015

Successful Trust Relationships Bridge Generations

Sponsored Content provided by Susan Willett - Director of Trust Services, Old North State Trust, LLC

Much of the work we do in creating and managing trusts involves how assets are passed from one generation to the next. But we have also developed many, many relationships that began with a parent, and in which we are now working directly with the children or even grandchildren.
 
One simple but gratifying example of this was a client who was an incredible stock market genius. Her children, however, knew nothing about finances. In her estate planning, she established accounts for the children, which they have now inherited. Ever since the original client’s death, I have guided these new clients in managing their investments.
 
I have another relationship that began with just the husband, who was in his second marriage. This created a complicated situation, with obligations that stemmed from a first marriage. This man was the family’s primary breadwinner. In his estate planning, we helped him provide for his wife, and then to pass family assets on to charity after her death. Both he and I tried to include the wife in the planning process, but she didn’t want to be part of it. (This isn’t uncommon; some folks just don’t like to think about their mortality.) But after the husband’s death, the widow realized that she needed to catch up. I had to educate her on financial matters, including the details of what her late husband had set up for her.
 
This lady is now financially savvy and was an active participant in her own estate planning. I am now taking care of her – and her children.
 
Here’s a different scenario. A busy middle-aged man was trustee of a trust that his father had set up. The father was in his 90s and living in a nursing home. The son had been handling everything for his father, but between his own finances, family and career had decided it was too much for him. He came to us for help, turning everything over to us to manage. He continued to act as trustee, but named Old North State Trust as his investment manager. After his father’s death, the trust’s assets were left to him and his sister. They appreciated everything we had done on their behalf, and now both of them have hired us to manage their own assets.
 
In a similar situation, I am now managing investment accounts for the granddaughters of two former clients, a husband and wife. When I settled their estates, their trusts passed outright to their only daughter, with some smaller portions going to her children, the original clients’ granddaughters. As it turned out, the daughter liquidated most of her inheritance to invest in a farm that she owns, but both granddaughters asked us to manage their funds. So we are now serving this family’s third generation.
 
The chief takeaway I’d suggest from this is: We are here. Our company doesn’t die, as individuals do, and yet we have a real, personal history with the people we serve. I have worked with several of my clients for many years.  We get to know their families, their quirks, the good, the bad and the ugly about them. We don’t judge. We see them at their best and their worst. We help them through everything, life and death, birth, college and retirement.
 
Though each of us personally has a finite life span, life goes on. And so does a professional asset-management partner like our company.
 
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.

Other Posts from Susan Willett

Onst insights blk
Ico insights

INSIGHTS

SPONSORS' CONTENT
Leath 683x10242

Avoiding HR Nightmares: Help is Here!

Lisa Leath - Leath HR Group
Jim ellis headshot 10311631058

User-Centered Design Playbook: A Case Study

Jim Ellis - Signal
Img 0621

Tax Evasion Versus Tax Avoidance

Karen Durda - Century Accounting and Tax Services, Inc.

Trending News

Open For Business: New Announcements (Sept. 19)

Johanna Cano - Sep 19, 2018

Open For Business: New Announcements (Sept. 18)

Staff Reports - Sep 18, 2018

In Storm's Aftermath, Gas, Supplies Filter In

Cece Nunn - Sep 18, 2018

Tips On What To Do Now For Storm Damage

Vicky Janowski - Sep 19, 2018

Downtown Recovery Ongoing, Flooding Still An Issue

Cece Nunn and Christina Haley O'Neal - Sep 19, 2018

In The Current Issue

Marpac Adds Tools For Better Sleep

Wilmington-based Marpac is crashing further into the sleep industry with a line of products to help people get shut eye....


Love, Lydia Bakery Moves In

Lydia Clopton opened Love, Lydia in July at 1502 South Third St. The location was previously a home that was remodeled into the bakery....


Checklist Of Post-storm Resources

Hurricane Florence has left many homes and businesses in the area with damages that range from simple repairs to more complicated and time-c...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2018 Power Breakfast - Dishing on the Restaurant Biz
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes