Contact Us
Please Contact:
Cynthia D. M. Brown, President
Commonwealth Trust Company
29 Bancroft Mills Rd., 2nd Floor
Wilmington, DE 19806
E-mail: businessdevelopment@comtrst.com
Tel: (302) 658-7214
Fax: (302) 658-7219
Or, fill out the form below to submit a request or inquiry
New Trusts
Once you have identified an opportunity for a Directed Delaware Trust, the process is generally simple, but, in some cases, due to the complexity of the planning, the process can take several weeks. The following is a general guideline of the process:
- Contact us to discuss the trust preliminarily so that we can ensure that we are able to be part of your team. At that time, we will be able to provide you with a preliminary fee quote.
- Once the preliminary fee quote is approved by the client, the trust or draft trust should be provided for our review. An attorney at CTC will be assigned to the trust and any comments or changes can be conveyed directly to your attorney.
- A CTC trust administrator will also be assigned to the trust who will send you our "Client Packet" for completion and execution. The trust administrator will be the primary point of contact going forward and can help walk you through our intake process.
- Once a final version of the trust has been agreed upon, an engagement letter will be issued for your review with the final fee quote. At this time, any other relevant documents will also be reviewed by the assigned attorney in coordination with the trust administrator.
- All relevant information and documentation requested in the "Client Packet" must be executed and returned, along with payment of our setup and first year's annual fees, prior to our execution of the trust document.
- Upon execution of the trust document, the assets being used to fund the trust should be legally transferred into the name of the trust.
Existing Trusts:
Once it is determined that a successor or new corporate trustee is needed, the process for the transfer of an existing trust is essentially the same as for a new trust; however, the method of transfer must be determined. There are generally three options:
- Appoint a Delaware Trustee – if the Trust document has all pertinent language and a portability clause, you can simply appoint a Delaware Trustee as the sole or co-trustee.
- Decant – If the trust document has a power of appointment that would allow a decanting or a distribution standard that allows for a current distribution to an existing beneficiary, by exercise of its distribution powers, a trustee can distribute assets into a completely new and updated trust. The new trust could then receive distribution of all or substantially all of the assets of the existing trust.
- Court Reformation - A Delaware attorney can be engaged to file a consent petition in the Chancery Court to "reform" or update the trust with the consent of its beneficiaries.