Your assignment, which will be due one week from this Wednesday, is to write Policies and Procedures for a Trust Department Specifically, find, and write policies, including, but not limited to, the following: 1) Criteria for taking trusts, such as size, amount of time to tend to it, etc. 2) Rates that you will charge, and what criteria for determining that; 3) Salary range, and what it is based on: 4) The number of employees managing the trust, and how that number graduates up or down, based on the number of trusts, and the time needed for each; 5) How, and where you acquire trusts; 6) How you compensate for referrals: 7) Whether you use your inhouse" trust office to place investments, or if you go to an outside broker; 8) And anything else that you feel is important. Then, find, and write procedures for how to run the Trust, including, but not limited to, the following: 1) How you record, and monitor all transactions of each individual trust account; 2) How you reconcile financial statements; 3) How you report to the IRS: 4) How you pay the beneficiaries; 5) How you invest financial instruments: 6) How you manage the Physical assets, and make sure they are kept in good shape; 7) How you pay taxes, insurance, upkeep, etc., on Physical assets; 8) How do you make sure that you are interpreting the wishes of the Grantor, and carrying out their wishes, just like they would if they were still alive; 9) And anything else that you feel is important. Your assignment, which will be due one week from this Wednesday, is to write Policies and Procedures for a Trust Department Specifically, find, and write policies, including, but not limited to, the following: 1) Criteria for taking trusts, such as size, amount of time to tend to it, etc. 2) Rates that you will charge, and what criteria for determining that; 3) Salary range, and what it is based on: 4) The number of employees managing the trust, and how that number graduates up or down, based on the number of trusts, and the time needed for each; 5) How, and where you acquire trusts; 6) How you compensate for referrals: 7) Whether you use your inhouse" trust office to place investments, or if you go to an outside broker; 8) And anything else that you feel is important. Then, find, and write procedures for how to run the Trust, including, but not limited to, the following: 1) How you record, and monitor all transactions of each individual trust account; 2) How you reconcile financial statements; 3) How you report to the IRS: 4) How you pay the beneficiaries; 5) How you invest financial instruments: 6) How you manage the Physical assets, and make sure they are kept in good shape; 7) How you pay taxes, insurance, upkeep, etc., on Physical assets; 8) How do you make sure that you are interpreting the wishes of the Grantor, and carrying out their wishes, just like they would if they were still alive; 9) And anything else that you feel is important
