NAICS Code 523991-13 - Trust Service

Marketing Level - NAICS 8-Digit

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NAICS CODE 523991-13
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NAICS Code 523991-13 Description (8-Digit)

Trust Service is a subdivision of the NAICS Code 523991 that involves the management of assets and property on behalf of a beneficiary by a trustee. The trustee is responsible for ensuring that the assets are managed in accordance with the terms of the trust agreement and the wishes of the beneficiary. Trust Service can be provided by banks, financial institutions, law firms, and other specialized companies.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 523991 page

Tools

Tools commonly used in the Trust Service industry for day-to-day tasks and operations.

  • Trust accounting software
  • Estate planning software
  • Investment management software
  • Risk management software
  • Compliance management software
  • Document management software
  • Tax preparation software
  • Customer relationship management software
  • Financial planning software
  • Portfolio management software

Industry Examples of Trust Service

Common products and services typical of NAICS Code 523991-13, illustrating the main business activities and contributions to the market.

  • Wealth management
  • Estate planning
  • Investment management
  • Retirement planning
  • Charitable giving
  • Asset protection
  • Special needs trusts
  • Business succession planning
  • Trust administration
  • Family office services

History

A concise historical narrative of NAICS Code 523991-13 covering global milestones and recent developments within the United States.

  • The "Trust Service" industry has a long and rich history dating back to the Middle Ages when the concept of trusts was first introduced in England. The first trust was created in 1535 by Sir Edward Coke, who established a trust to manage his estates for the benefit of his family. In the United States, the concept of trusts was introduced in the late 19th century, and the industry has since grown to become an essential part of the financial sector. Notable advancements in the industry include the introduction of new technologies such as online trust management platforms, which have made it easier for clients to manage their trusts remotely. In recent years, the industry has also seen an increase in demand for socially responsible investing, which has led to the development of new trust products that focus on environmental, social, and governance (ESG) factors.