Trust companies are specialized institutions that manage and administer assets held in trust for beneficiaries. They are responsible for ensuring that the terms of the trust are followed, which may include managing investments, distributing income, and handling estate planning. Trust companies often offer additional services such as estate administration, tax planning, and financial consulting. They operate under strict regulatory standards meant to protect the interests of the trust beneficiaries. The differentiation between a trust company and other financial institutions lies in their fiduciary duty, which binds them to act in the best interest of their clients at all times.