52592 - Trusts, Estates, and Agency Accounts
Navigating the world of government contracting and business classification can be complex, but understanding specific NAICS codes is crucial for companies in the finance sector. NAICS code 52592 — Trusts, Estates, and Agency Accounts — plays a vital role for businesses managing fiduciary responsibilities. Whether you’re a trust company, an estate administrator, or an agency account manager, knowing the scope and details of this industry classification can unlock new opportunities and clarify your business operations.
What is NAICS Code 52592?
NAICS code 52592 specifically covers establishments primarily involved in acting as fiduciaries. This includes entities serving as trustees, executors, administrators, or agents managing estates, trusts, and agency accounts. These organizations are responsible for administering and managing assets on behalf of clients according to legal, contractual, or fiduciary obligations.
Sector and Industry Overview
- Sector: Finance and Insurance
- Industry: Trusts, Estates, and Agency Accounts
- NAICS Code: 52592
This sector is essential because it ensures assets are managed responsibly and legally for beneficiaries, heirs, or principals.
Typical Business Activities Under NAICS 52592
- Trust companies administering family, charitable, or business trusts
- Estate administration services managing probate and unwinding estates
- Agency account management firms handling agency relationships and fiduciary accounts
- Fiduciary advisory and asset management services
Size Standards for NAICS 52592
For government contracting and eligibility under SBA (Small Business Administration) definitions, the size standards for NAICS code 52592 are generally defined by average annual receipts or number of employees depending on the nature of the business.
- Small Business Size Standard: Typically, firms under this NAICS code are considered small if they have average annual receipts not exceeding $30 million.
- Always check the latest SBA size standards for any updates or specific contracting programs.
Examples of Businesses under NAICS 52592
- Family Trust Management Companies: Specializing in managing family-owned trusts and safeguarding assets for future generations.
- Estate Administration Firms: Offering services for executive duties like probate, will validation, and distribution of estate assets.
- Agency Account Managers: Firms acting as agents or fiduciaries controlling agency accounts and overseeing the management of funds or property.
NAICS Code 52592 Details Table
| Category | Details |
|---|---|
| NAICS Code | 52592 |
| Title | Trusts, Estates, and Agency Accounts |
| Sector | Finance and Insurance |
| Industry Description | Acting as fiduciaries such as trustees, executors, administrators, or agents for estates, trusts, and agency accounts |
| Typical Business Activities | Trust management, estate administration, agency account management |
| Small Business Size Standard | Average annual receipts not exceeding $30 million |
| Applicable NAICS Sector | 52 – Finance and Insurance |
Frequently Asked Questions (FAQs)
What kind of businesses fall under NAICS code 52592?
This code covers businesses primarily acting as fiduciaries, such as trust companies, estate administrators, and agency account management firms.
Is NAICS 52592 only for financial institutions?
Not exclusively; while many are trust companies or financial service providers, other fiduciary entities administering estates and agency accounts also apply.
How does this NAICS code impact government contracting eligibility?
NAICS codes classify your business for government contracts. Knowing your code and size standard helps determine if you qualify as a small business for SBA programs.
Where can I verify the latest size standards for NAICS code 52592?
The U.S. Small Business Administration (SBA) website is the official source for the most current size standards.
Can a business operate under multiple NAICS codes including 52592?
Yes, many businesses hold multiple NAICS codes reflecting different aspects of their operations.
Conclusion
Businesses operating under NAICS code 52592 – Trusts, Estates, and Agency Accounts fulfill a crucial fiduciary role in the finance industry. Whether managing trusts, administering estates, or acting as fiduciaries for agency accounts, companies in this sector must adhere to legal and contractual responsibilities. Understanding this NAICS code, the sector it belongs to, typical activities, and size standards is essential for navigating government contracting and industry classifications effectively.
Keywords: NAICS code 52592, Trusts Estates and Agency Accounts, Finance and Insurance sector, fiduciary services, estate administration, trust management, agency account management, government contracting NAICS codes.
