National Attorneys Title Assurance Fund Inc – The nearly 60-year-old organization says the name change was prompted by its expansion plans. The new name, based on the Latin word for advocate, honors the organization’s past and embraces the future, as seen in this minute-long video.
The Heritage Organization was founded in 1964 by a small group of lawyers in Central Illinois who were part of a movement that recognized that consumers needed legal advice when engaging in the largest financial transaction of their lives. As a solution they created a property insurance company based on the attorney-agent model. In other parts of the country, like-minded lawyers did the same. The result: disparate companies, separated by state borders, with the same name. Little did they dream that one day the title companies they created would become so successful that they would struggle to expand. Faced with licensing hurdles and naming confusion, the organization opted for a fresh start with a new and meaningful name.
National Attorneys Title Assurance Fund Inc
“As we explored directions for the new name and brand, we kept coming back to the one thing that sets us apart from other insurers: advocacy. This remains our guiding principle. We work to maintain the role of the attorney in real estate transactions for the benefit of the clients we serve. This has been our mission since 1964. While we will always be guided by our core values, we are now striving to become a national contractor. As we expand our mission into new markets, we will continue to ensure that consumers in those markets have access to competent legal counsel when buying or selling a home, and we will provide underwriting services from reputable title agencies.” said Peter Birnbaum, president and CEO, who continues in that role after the rebranding.
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Not much will change for today’s agents. Production systems and web domains went down on September 1st. The company’s sixteen offices, including its flagship location at One South Wacker in Chicago, and other properties are in the process of being rebranded. All services and staff numbers remain unchanged.
“At ATG, our commitment to lawyers and their clients has informed every decision we make. As Advocus, that commitment remains strong. We are poised to expand and provide services to new states, thereby strengthening the position of real estate attorneys across the country. “We are excited about this new chapter,” added Birnbaum.
Nearest expansion plans include the states of Texas and Florida. Advocus National Title Insurance Company has a title company, Advocus Title Agency, which is licensed to do business in 41 states.
Title insurance protects homeowners and lenders from financial loss when claims are made against the title. Examples include outstanding liens, unpaid taxes, and disputed wills. Through its thousands of attorneys, ATG has handled more than three million real estate closings and provided homebuyers and lenders with competitively priced title insurance since 1964.
Dawn Parmelee Efflandt, Iep, Itp
An Illinois-based insurance company, ATG has gained significant market share by providing superior service at competitive rates. A financial stability rating has been assigned
(FSR) of A′ (A Prime), Unsurpassed, by independent rating agency Demotech, Inc. ATG has been named to Crain’s Chicago Business’ list of “Chicago’s Largest Private Companies” for five consecutive years through 2021. Additionally, ATG has an A- credit rating from the Kroll Bond Rating Agency, Financial Institutions: Title Insurance Rating Report . In April 2022, ATG was acquired by Guaranteed Rate Companies. For more information, see http://www.atgf.com/aboutATG/about-us.
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Trustees must make decisions in the best interests of the beneficiaries and have a fiduciary responsibility to them, meaning that they act in the best interests of the beneficiaries in managing their assets.
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A trustee is any person or entity that holds legal title to an asset or group of assets for another person, called the grantor. The trustee has this legal ownership through a trust in which they hold title to assets held in trust for the benefit of others. The individuals or entities that benefit from the trust are called beneficiaries.
A trust is a legal entity in which the person or party that owns the assets (also called the settlor) transfers ownership of those assets or assets to another party (the trustee) for the benefit of a third party. For example, a trust may be created to provide legal protection for the trust assets and ensure their proper distribution. The trustee is responsible for ensuring that the trust holder’s wishes are carried out.
Thus, the trustee is responsible for the proper management of all assets and other assets held in the trust for the beneficiaries. The specific duties of the trustee are unique to the trust agreement and are dictated by the type of assets held in the trust. For example, if a trust owns various rental properties intended to generate income, it is the trust holder’s responsibility to ensure that these properties are managed, maintained, used and generated.
Trustees are also required to provide financial management and oversight of the accounts in the trust if it consists of other investments, such as shares in a brokerage account.
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Trustees owe a fiduciary duty to the beneficiaries of the trust, which means they are required to set aside personal interests, beliefs and prejudices to do what is best for the trust.
All trustees have general instructions and duties, regardless of the specifics of the trust agreement. Administrators typically perform the following tasks:
A trusted person can be someone you know, but it’s best to find someone with experience. They need to understand the trust that is being created and know what their responsibilities are. For example, if the trust is intended to grow assets for future generations of your family, you should appoint someone who understands how to grow wealth.
The trustee administers and manages the trust fund. An executor manages and disposes of the property of a person who died and left property to heirs according to a will. A person can nominate one person for each role or can nominate one to fill both roles.
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Like a trustee, an executor can be a trust company, a bank, or a trusted friend or family member. The executor must distribute the estate according to the deceased’s will.
Choosing a trustee can be one of the most difficult tasks when setting up a trust. It can be difficult to know which person or organization you can trust to manage your assets the way you want them to. Here are some considerations for choosing a manager:
The trustee administers the trust based on the instructions left by the trustee. This may include communicating with beneficiaries, allocating funds for investment, distributing payments as directed, and more.
The authorized person is responsible for ensuring that the grantor’s assets are used as intended.
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The trustee must administer the trust in accordance with the individual’s instructions, be loyal to the beneficiaries and treat the beneficiaries impartially.
A trustee is a person entrusted with a fiduciary responsibility to look after the assets placed in the trust.
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