What’s a trusted exec’s role?

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A trust executive is one of two distinct professionals: an attorney tasked with helping individuals draft and execute trust instruments, or an expert who serves on the executive board of a public trust. Aside from the shared title, these works have little in common. The elaboration of instruments of trust depends on a differentiated legal knowledge of tax structures and inheritance laws specific to the jurisdiction. Members of the public board of directors assess how public organizations are run, vote on leadership changes, and help employees feel confident in solidifying their organizational direction and goals. The description of an executive trust position depends entirely on what type of executive trust position is in question.

Public trusts are very different from individual trust instruments. They are usually non-profit organizations that operate for some public good. Public land, forests and wildlife preserves, for example, are generally held in “trust” for the continued enjoyment and preservation of the public. In some countries, particularly those with socialized health care, hospital services and health clinics are also often operated from public funds.

These types of trusts generally employ government officials to carry out their day-to-day operations, but are usually overseen by a board of trustees. Board members are known as trusted executives. A trust officer in this context is usually responsible for ensuring that the overall objectives of the trust are met.

In the private trust sector, trust officers are in many ways managers. They usually oversee large groups of trusted employees. Many also have management and fundraising responsibilities.

The design and execution of individual trusts are entirely different. A trusted executive in this role is an attorney trained in trust and estate law. He or she typically works for a financial institution or banking organization that provides robust and comprehensive financial planning services to clients. A lawyer who provides similar services at a law firm is usually simply called a trust lawyer.

In banking, a trusted executive is usually a member of the retirement planning team. He or she works alongside portfolio managers and personal bankers to build trust for clients who will protect or direct their assets in death. A trust is similar to a will, but is more complicated because it defers the transfer of assets through alternative channels, usually with tax preference. This type of trust executive typically meets with clients, advises them on different trust options, and develops and files the legal documentation needed to create the finalized trust instrument.

Trusted executive positions in retirement planning and public asset management are typically available in a variety of settings. Public trusts are prolific around the world, and the type of work they do is diverse. Physicians, botanists, wildlife specialists and human resources professionals are among the many careers that can lead to employment as a public trust executive. Executive careers of trust in retirement planning are necessarily more nuanced, but can still be pursued in a variety of contexts, from large multinational banks to neighborhood credit unions.

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