The Trust Co. assists in the preparation of Wills, particularly those which are to contain complicated clauses, such as ‘beneficiary after a beneficiary', 'conditional beneficiaries', and the establishment of private and/or public trusts. It can, if so required, act as either Executor of the Will or Estate Administrator. If so appointed, it calls in the estate assets, manages the bank accounts, reports to the Administrator-General, and, of primary importance, distributes the estate assets to the legal beneficiaries in accordance with the terms of the Will.
In accordance with Circular No. 2003/4 of the Insurance Commissioner, dated 1 April 2004, insurance companies are obliged to work with insurance agents, in matters relating to general insurance, life insurance in the manner of managers' insurance, pension and further education funds, in one of the three alternatives set out in the Circular. One of these alternatives is a collective account managed by a trustee that is a trust company owned by an Israeli supervised financial institution. The Trust Co., a wholly owned subsidiary of Bank Leumi, provides this service to insurance agents and agencies.
