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- Financial Service Executive
Q: Can I upload historic data to CrummeyService so the data for the life of the trust is all in one place?
A: Yes. We will provide you with the proper data format we require, if necessary.
Q: Does the application automatically send and automatically acknowledge Crummey notices?
A: Yes.
Q: I create trusts for my clients, but do not want to administer the Crummey letter process. Can CrummeyService do this for my client?
A: Yes. CrummeyService can administer your client’s trust in CrummeyService. However, CrummeyService does not assume the role of fiduciary.
Q: Even though I do not wish to administer the Crummey letter process for my clients and understand CrummeyService can do this, can I still monitor the trust for my clients without the liability of a fiduciary?
A: Yes. CrummeyService has a read-only role for an “Advisor.” You can monitor the process, but because you are not authorized to edit or add ANY data in this role to CrummeyService, your capability is and liability may be very limited.
Q: How much does it cost to have CrummeyService administer the trust?
A: $400/trust/year, plus a one-time $200 set up fee.
Q: What new data is required to enter into CrummeyService each year?
A: Two items; the gift(s) to the trust and that the life insurance premium was paid.
Q: How long are data records retained and are they accessible online 24/7 and by whom?
A: All data is retained forever. Access to data is determined by authorization level, which is determined by the party’s role. For example, trustees have full data access, but beneficiaries have limited access to data. Data access is available from any web browser 24/7. Only authorized parties to the trust are able to access trust data.
Q: Is CrummeyService a cloud-based solution?
A: Yes.
Q: Is the user able to customize notices on the application?
A: Yes. Many users have chosen our free notice templates, which are the default notice. No editing is required to use CrummeyService templates. But you may create your own and we have an online editor to enable this activity.
Q: Are CrummeyService templates compliant?
A: We do not claim to provide compliance. We have conducted our own legal due diligence to help ensure all of our communications can withstand legal rigor. Further, the communications generated by CrummeyService are constantly reviewed by our customers who are considered experts in their field. CrummeyService has been used for years satisfactorily by some of the largest financial advisory and law firms.
Q: Can CrummeyService be used without the support of IT staff?
A: Yes. If you can browse the Internet, you can use CrummeyService. The most challenging part of CrummeyService for many users is gathering the information needed to set up a trust (insurance policies, trust documents, the contact information for all parties to the trust, etc.). Once this data is at hand, it is a matter of data entry to set up the trust initially. Unless this information changes, this will be the only time you will need to enter this information. There is no programming needed to operate CrummeyService. While it has robust capability behind the scenes, it has a simple user interface.
Q: How long does it take to set up a trust in CrummeyService?
A: 15-20 minutes.
Q: How long does it take to administer the trust administration process in CrummeyService each year?
A: A few minutes per year. Recording the gift to trust and premium payments is the only required new information each year.
Q: Does CrummeyService automatically remind the grantor to make gifts to the trust?
A: Yes. CrummeyService reminds the grantor (or employer as applicable) to make a gift to the trust to ensure there are sufficient funds to meet the trust’s obligations. CrummeyService will automatically send the grantor, trustee, and fiduciary a gift reminder notice the following number of days prior to the premium due date; 60,30, 15, 0 (on the due date), and -15 (fifteen days into the grace period).
Q: Does CrummeyService automatically remind the trustee to pay premiums?
A: Yes.
Q: Does CrummeyService offer a data vault?
A: Yes. CrummeyService users may upload trust documents, life insurance policies, illustrations, wills, and other documents to the data vault at no additional charge.
Q: Is CrummeyService SAS 70-II certified?
A: Yes. This is the American Institute of Certified Public Accountants (AICPA) for service organization auditing controls.
Q: Has CrummeyService been certified by a professional hacker organization?
A: Yes. You can find our NetraGard certificate on our web site by clicking on the NetraGard logo.