Hailey Johnson
SunTrust Bank, now part of Truist Financial Corporation following its merger with BB&T, offers a comprehensive suite of financial services, including wealth management and trust services. For individuals and families seeking specialized estate planning, asset management, and fiduciary services, the question of whether SunTrust has a trust department is a common one. Indeed, Truist Wealth, the division responsible for these services, includes a dedicated trust department that provides personalized solutions such as trust administration, estate settlement, and custodial services. This department is designed to help clients protect and grow their wealth while ensuring their legacy is managed according to their wishes, making it a valuable resource for those with complex financial needs.
| Characteristics | Values |
|---|---|
| Bank Name | Truist Bank (formerly SunTrust Bank) |
| Trust Department | Yes |
| Services Offered | Wealth Management, Estate Planning, Trust Administration, Investment Management, Philanthropic Services |
| Target Clients | High-net-worth individuals, families, and businesses |
| Geographic Reach | Primarily in the Southeastern United States, with national presence |
| Parent Company | Truist Financial Corporation (merger of SunTrust and BB&T) |
| Year Established | 1891 (as SunTrust), 2019 (as Truist) |
| Assets Under Management | Over $400 billion (as of 2022) |
| Notable Features | Customized trust solutions, fiduciary services, and comprehensive financial planning |
| Contact Information | Available through Truist's official website or local branches |
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What You'll Learn
SunTrust Bank's Trust Services Overview
SunTrust Bank, now part of Truist Financial Corporation following its merger with BB&T, offers a comprehensive suite of trust and estate services designed to meet the complex needs of high-net-worth individuals, families, and institutions. The trust department at SunTrust, now operating under the Truist brand, provides personalized solutions to help clients manage, preserve, and transfer wealth across generations. These services are rooted in a deep understanding of fiduciary responsibilities and a commitment to tailored financial stewardship.
The trust services offered by SunTrust (Truist) encompass a wide range of capabilities, including estate planning, trust administration, and wealth management. Clients can work with experienced trust officers who provide guidance on structuring trusts to align with their unique goals, whether it’s minimizing tax liabilities, protecting assets, or ensuring the seamless transfer of wealth to beneficiaries. The department also specializes in managing complex assets, such as real estate, business interests, and investment portfolios, within the trust framework.
One of the standout features of SunTrust’s trust services is its focus on customization. Recognizing that every client’s situation is unique, the bank offers flexible trust solutions, including revocable living trusts, irrevocable trusts, charitable trusts, and special needs trusts. These options allow clients to address specific concerns, such as providing for a loved one with disabilities or supporting philanthropic goals, while maintaining control over their financial legacy.
In addition to trust administration, SunTrust (Truist) provides estate settlement services to help executors and trustees navigate the complexities of probate and asset distribution. This includes assistance with inventorying assets, paying debts and taxes, and ensuring compliance with legal requirements. The bank’s expertise in this area helps alleviate the administrative burden on families during difficult times, allowing them to focus on personal matters.
For clients seeking a holistic approach to wealth management, SunTrust’s trust department integrates seamlessly with its broader financial services, including investment management, retirement planning, and banking solutions. This integrated model ensures that trust services are aligned with the client’s overall financial strategy, providing a cohesive and efficient wealth management experience. Whether you’re planning for the future or managing an existing trust, SunTrust (Truist) offers the expertise and resources to help you achieve your objectives with confidence.
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Types of Trust Accounts Offered
SunTrust Bank, now part of Truist Financial Corporation following its merger with BB&T, offers a range of trust and estate services designed to help clients manage and protect their assets. Among these services are various types of trust accounts tailored to meet different financial and estate planning needs. Understanding the types of trust accounts available is essential for individuals and families looking to secure their financial future, provide for loved ones, or achieve specific wealth management goals.
Revocable Living Trusts are one of the most common types of trust accounts offered by SunTrust. These trusts allow the grantor to maintain control over their assets during their lifetime while providing flexibility to make changes or revoke the trust if needed. Upon the grantor’s death, the assets in the trust are distributed to beneficiaries according to the terms specified, bypassing probate and ensuring a smoother transition of wealth. This type of trust is ideal for those seeking both control and ease of asset distribution.
Irrevocable Trusts are another option provided by SunTrust, designed for individuals who want to permanently transfer assets out of their estate to achieve tax benefits or protect assets from creditors. Once established, these trusts cannot be altered or revoked without the consent of the beneficiaries. Irrevocable trusts are often used for estate tax planning, charitable giving, or to provide for beneficiaries with special needs. While they offer less flexibility, they can be a powerful tool for long-term financial planning.
For families with minor children or beneficiaries who may not be financially prepared to manage an inheritance, Testamentary Trusts are available. These trusts are created within a will and only take effect after the grantor’s death. They allow for the managed distribution of assets to beneficiaries over time, ensuring that funds are used responsibly and in accordance with the grantor’s wishes. Testamentary trusts are particularly useful for providing ongoing financial support for dependents.
Special Needs Trusts are a specialized offering from SunTrust, designed to provide for individuals with disabilities without jeopardizing their eligibility for government benefits such as Medicaid or Supplemental Security Income (SSI). These trusts allow a trustee to manage assets for the beneficiary’s care and well-being while ensuring compliance with benefit program rules. Special needs trusts are a compassionate way to enhance the quality of life for loved ones with disabilities.
Lastly, Charitable Trusts are available for clients interested in philanthropy. These trusts allow individuals to donate assets to charitable organizations while potentially receiving tax benefits and retaining some financial interest during their lifetime. SunTrust offers both charitable remainder trusts (which provide income to the grantor or beneficiaries before the remaining assets go to charity) and charitable lead trusts (which provide income to charity first, with the remaining assets eventually passing to beneficiaries). Charitable trusts are an excellent option for those looking to leave a lasting legacy while supporting causes they care about.
In summary, SunTrust Bank’s trust department provides a variety of trust account options to meet diverse financial and estate planning needs. Whether you’re looking to maintain control over your assets, protect your wealth, provide for loved ones, or support charitable causes, SunTrust offers tailored solutions to help you achieve your goals. Consulting with a trust specialist at SunTrust can provide further guidance in selecting the most appropriate trust account for your unique situation.
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Trust Department Contact Information
SunTrust Bank, now part of Truist Financial Corporation following its merger with BB&T, offers a range of wealth management services, including trust and estate planning. For clients seeking Trust Department Contact Information, it’s important to know that Truist has integrated SunTrust’s trust services into its broader wealth management division. To connect with the trust department, clients can start by visiting the official Truist website, where a dedicated section for wealth management services is available. This section provides detailed information on trust services, including estate planning, asset management, and fiduciary services.
For direct contact, clients can call Truist’s wealth management hotline at 1-800-321-7119. This number connects individuals to a team of specialists who can address inquiries related to trust accounts, estate administration, and other fiduciary services. When calling, it’s helpful to have your account information or specific questions prepared to ensure a productive conversation. Additionally, Truist offers a secure online portal for existing clients, where they can access trust account details, communicate with their advisors, and manage their services digitally.
If you prefer in-person assistance, Truist’s trust department operates through its network of local branches. To find the nearest branch with trust services, use the branch locator tool on the Truist website. Simply enter your zip code or city, and the tool will provide contact information, including addresses and phone numbers, for nearby locations. Many branches have dedicated wealth advisors who specialize in trust and estate planning, ensuring personalized service tailored to your needs.
For more complex trust-related matters or to schedule a consultation, clients can email the wealth management team directly through the Truist website’s contact form. Responses are typically provided within 1-2 business days. It’s also worth noting that Truist offers specialized services for high-net-worth individuals and families, so if your needs are extensive, consider requesting a consultation with a senior trust officer. This can be arranged by calling the wealth management hotline or through your local branch.
Lastly, Truist provides educational resources and FAQs on its website to help clients understand trust services better. These resources can be a valuable starting point before reaching out to the trust department. By leveraging these contact options—phone, online portal, local branches, and email—clients can efficiently connect with Truist’s trust department and access the expertise needed to manage their trust and estate planning effectively.
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Fees and Requirements for Trusts
SunTrust Bank, now part of Truist following its merger with BB&T, offers a range of trust and estate services through its wealth management division. When considering establishing a trust with Truist (formerly SunTrust), understanding the fees and requirements is essential. Trusts are powerful tools for estate planning, asset protection, and wealth transfer, but they come with specific costs and obligations that vary based on the type of trust and the complexity of the arrangement.
Fees for Trusts at Truist
Truist typically charges fees for trust services based on the assets under management (AUM) within the trust. These fees are often tiered, meaning the percentage decreases as the asset value increases. For example, fees might range from 0.5% to 1.5% annually, depending on the size of the trust and the services required. Additional fees may apply for specialized services, such as trust administration, tax preparation, or asset distribution. It’s important to request a detailed fee schedule from Truist to understand all potential costs, including setup fees, annual maintenance fees, and any extraordinary expenses that may arise during trust administration.
Minimum Asset Requirements
Truist generally requires a minimum asset threshold to establish a trust, which can vary depending on the type of trust and the services needed. For example, a revocable living trust might require a minimum of $250,000 to $500,000 in assets, while more complex trusts, such as irrevocable trusts or special needs trusts, may have higher thresholds. These minimums ensure that the trust is economically viable for both the client and the bank. Prospective clients should consult with a Truist wealth advisor to determine the specific asset requirements for their situation.
Documentation and Legal Requirements
Establishing a trust with Truist involves several legal and administrative steps. Clients must provide detailed documentation, including a list of assets to be placed in the trust, beneficiary information, and specific instructions for trust administration. Truist may also require legal documents such as a trust agreement, which must be drafted by an attorney to ensure compliance with state laws. The bank will act as the trustee or co-trustee, depending on the arrangement, and will require clear guidelines for managing the trust assets.
Ongoing Obligations and Reporting
Trustees, whether Truist or a co-trustee, have fiduciary responsibilities to manage the trust in the best interests of the beneficiaries. This includes regular reporting, tax filings, and asset distribution according to the trust terms. Truist provides ongoing administrative support, but beneficiaries or grantors may need to stay involved in decision-making processes. Annual account statements and tax documents will be provided, and clients should be prepared to review these to ensure compliance with their goals and legal requirements.
Customization and Additional Services
Truist offers customized trust solutions tailored to individual needs, which can impact fees and requirements. For instance, specialized trusts like charitable remainder trusts or generation-skipping trusts may have unique fee structures and documentation needs. Clients can also access additional services, such as estate planning, investment management, and philanthropic advisory services, which may incur separate fees. Working closely with a Truist advisor ensures that the trust aligns with specific financial and estate planning objectives while minimizing unexpected costs.
In summary, establishing a trust with Truist involves understanding the fee structure, meeting minimum asset requirements, providing necessary documentation, and fulfilling ongoing obligations. By carefully reviewing these aspects, clients can make informed decisions and leverage Truist’s trust services effectively for their estate planning needs.
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Benefits of SunTrust's Trust Services
SunTrust Bank, now part of Truist following its merger with BB&T, offers a comprehensive suite of trust services designed to meet the complex financial and estate planning needs of its clients. One of the primary benefits of SunTrust’s trust services is the personalized approach to wealth management. Clients are paired with experienced trust officers who work closely with them to understand their unique goals, whether it’s preserving wealth for future generations, managing assets during retirement, or ensuring efficient estate distribution. This tailored strategy ensures that trust solutions align with individual circumstances, providing peace of mind and confidence in financial decision-making.
Another significant advantage is the expertise and professionalism of SunTrust’s trust team. The bank’s trust officers are well-versed in estate planning, tax strategies, and asset management, enabling them to navigate the complexities of trust administration effectively. This expertise is particularly valuable for clients dealing with high-net-worth estates, charitable giving, or special needs trusts. By leveraging their knowledge, SunTrust helps clients optimize their financial plans while minimizing potential risks and tax liabilities.
SunTrust’s trust services also offer comprehensive estate planning solutions, which go beyond basic trust administration. These services include will preparation, beneficiary designation reviews, and strategies for minimizing probate costs. By integrating these elements into a cohesive plan, clients can ensure their assets are distributed according to their wishes, with minimal disruption to their beneficiaries. This holistic approach is especially beneficial for families with diverse or complex assets.
For clients seeking long-term wealth preservation, SunTrust’s trust services provide a structured framework for managing and protecting assets across generations. The bank offers various trust types, such as revocable living trusts, irrevocable trusts, and dynasty trusts, each tailored to specific objectives. This flexibility allows clients to address their unique needs, whether it’s shielding assets from creditors, providing for minor children, or maintaining control over how wealth is used over time.
Lastly, SunTrust’s trust services emphasize transparency and communication, ensuring clients remain informed and involved throughout the process. Regular updates, detailed reporting, and accessible trust officers foster a collaborative relationship, allowing clients to make adjustments as their circumstances evolve. This commitment to clarity and responsiveness sets SunTrust apart, making it a trusted partner in achieving long-term financial goals. In summary, SunTrust’s trust services combine personalized attention, expert guidance, and comprehensive solutions to deliver unparalleled value to clients seeking to manage and preserve their wealth effectively.
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Frequently asked questions
Yes, SunTrust Bank, now part of Truist Financial Corporation, offers trust and estate services through its wealth management division.
The trust department provides services such as trust administration, estate planning, wealth management, and fiduciary services to help clients manage and preserve their assets.
Yes, you can set up a trust account with SunTrust (now Truist) by working with their wealth management team to determine the best type of trust for your needs.
Yes, the trust and wealth management services are available to clients across the United States, though specific offerings may vary by location.
