NAICS 525920 Quarterly Industry Report
Trusts, Estates, and Agency Accounts
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 525920Sector: Finance and Insurance (52)Updated: Q1 2026
About This Report
This industry profile for Trusts, Estates, and Agency Accounts (NAICS 525920) draws on data from the U.S. Census Bureau[3] official 2022 NAICS classifications and SBA size standards[4]. Published by Fair Market Value and updated quarterly, it provides trust officers, estate attorneys, and fiduciary professionals with classification guidance, market context, and regulatory reference points. Additional data is drawn from Bureau of Labor Statistics[5].. The editorial analysis reflects the independent assessment of FairMarketValue.com's research team, with all quantitative claims sourced to publicly verifiable databases.
Industry Definition & Overview
Trusts, Estates, and Agency Accounts (NAICS 525920) encompasses legal entities administered on behalf of beneficiaries under the terms of a trust agreement, will, or agency agreement. This industry manages diverse asset types including personal investment portfolios, bankruptcy estates, and testamentary trusts established through wills. Revenue derives primarily from trust assets through interest, dividends, and investment income rather than service fees alone. Per Census Bureau NAICS definitions[3], the classification excludes establishments providing trust services on a fee basis, which fall under 523991.
The industry has experienced strong growth, though no single firm exceeds 5 percent market share. This fragmentation creates a competitive environment spanning large institutional trust departments within banks to small independent trust companies and family offices. Trust companies typically charge fees ranging from 1 to 3 percent annually of trust assets, with percentage rates declining as asset values increase. Corporate trustees also employ flat-fee structures for specific tasks or hourly rates for specialized services.
Geographic concentration reflects state tax advantages and trust-friendly legislation. Seven states stand out as preferred trust jurisdictions: Alaska, Delaware, Nevada, New Hampshire, South Dakota, Tennessee, and Wyoming. These states attract trust business through zero state income tax on trust earnings, perpetual trust duration, strong creditor protection, and flexible modification provisions. Yet trust administration services remain dispersed, with Northeast and West Coast practices building strong regional reputations alongside national trust banks.
What's Included in This Industry
- Personal trust administration and management on behalf of beneficiaries
- Testamentary trust administration established through wills
- Bankruptcy estate administration and asset distribution
- Agency accounts serving as custodian for third-party directed investments
- Private estate management and probate settlement services
- Personal investment trust administration with discretionary asset management
- Settlement trust funds managing proceeds from legal settlements
- Fiduciary accounting, tax reporting, and legal compliance for trusts
- Asset safekeeping and custody services for trust property
- Distribution management and beneficiary payment processing
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Finance and Insurance | 52 |
| Subsector | Funds, Trusts, and Other Financial Vehicles | 525 |
| Industry Group | Other Investment Pools and Funds | 5259 |
| NAICS Industry | Trusts, Estates, and Agency Accounts | 52592 |
| National Industry | Trusts, Estates, and Agency Accounts | 525920 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 523991 | Trust, Fiduciary, and Custody Activities | Trust, Fiduciary, and Custody Activities comprises establishments providing trust and custody services on a fee basis, distinguished from 525920 by their service-provider role rather than entity administration |
| 522110 | Commercial Banking | Commercial Banking focuses on deposit-taking and loan operations; trust activities within banks are classified separately under 525920 when they constitute the primary business function |
| 525910 | Open-End Investment Funds | Open-End Investment Funds manage pooled securities portfolios offered to public investors with continuous share offerings, a different structure than personal trusts and beneficiary administration |
| 525990 | Other Financial Vehicles | Other Financial Vehicles covers closed-end investment funds, mortgage REITs, and special purpose entities, excluding the personal trusts and estates that define 525920 |
| 531110 | Lessors of Residential Buildings and Dwellings | Lessors of Residential Buildings and Dwellings own and lease residential properties, representing distinct real estate assets that may be held within trust portfolios |
| 541110 | Offices of Lawyers | Offices of Lawyers provide estate planning, will drafting, and trust document preparation services that complement but operate separately from trust administration activities |
SBA Lending Summary
16
Total SBA Loans
$7.1M
Total Loan Volume
$442K
Average Loan Size
18 yrs
Average Loan Term
8.99%
Average Interest Rate
64
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[2]
Key Insight: The Small Business Administration establishes a size standard of $40.0 million in average annual receipts for NAICS 525920 (SBA Size Standards[4]). This standard applies to federal contracting programs and small business loan eligibility determinations. Entities exceeding this revenue threshold do not qualify for SBA small business designations. Trust departments operating within bank holding companies may fall under different classification if their primary activity differs, requiring careful examination of establishment functions for accurate coding. Eligible businesses can access SBA 7(a) loans[6] for working capital, equipment, and acquisition financing, while 504 loans[7] support major fixed-asset purchases including real estate and heavy machinery.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | Bar Harbor Bank & Trust | 8 | $6.1M | $760K |
| 2 | Magnifi Financial CU | 8 | $984K | $123K |
Frequently Asked Questions
Common questions about this industry.
What types of businesses are classified under NAICS 525920?
NAICS 525920 includes personal investment trusts, testamentary trusts established through wills, bankruptcy estates, private estates administered for beneficiaries, settlement trust funds, and agency accounts operating under trust or agency agreements. Per the Census Bureau NAICS definition[3], these are the legal entities themselves, not the service providers that administer them (those fall under 523991).
How is the trusts and estates industry structured?
The industry is fragmented, with no single firm exceeding 5 percent market share. Large bank trust departments, independent trust companies, and boutique fiduciary firms all compete for business. Trust companies typically charge annual fees of 1 to 3 percent of assets under management, with rates declining as asset values increase. Geographic concentration favors trust-friendly states like South Dakota, Delaware, and Nevada.
What is the SBA size standard for NAICS 525920?
The SBA size standard is $40.0 million in average annual receipts (SBA Size Standards[4]). This threshold determines eligibility for federal small business contracting programs, SBA loan programs, and other government assistance. Trust departments within larger banking organizations may be classified differently based on their primary business function.
What NAICS codes are related to trusts, estates, and agency accounts?
Closely related codes include 523991 (Trust, Fiduciary, and Custody Activities), 525910 (Open-End Investment Funds), 525990 (Other Financial Vehicles), 522110 (Commercial Banking), and 541110 (Offices of Lawyers). Code 523991 is particularly important to distinguish because it covers the service providers rather than the trust entities themselves.
Which industries work most closely with trusts, estates, and agency accounts?
Investment advisory firms (523940) manage trust portfolios. Tax preparation services (541213) handle trust and estate tax returns. Law offices (541110) draft trust documents and handle probate proceedings. Title companies (541191) process real estate transfers within estates. Life insurance carriers (524113) provide products that fund trusts upon death. Per OCC guidance on personal fiduciary activities[8], trust departments must maintain strict separation of fiduciary and banking functions.
What activities are included in NAICS 525920?
Activities include administering personal and testamentary trusts, managing bankruptcy estates, operating agency accounts, distributing assets to beneficiaries, maintaining fiduciary accounting records, filing trust and estate tax returns, investing trust assets, safekeeping trust property, and processing beneficiary payments according to trust terms.
Can you get an SBA loan for this type of business?
SBA loans are available for qualifying trust administration businesses that meet the $40.0 million size standard. Independent trust companies and fiduciary service startups may access SBA 7(a) loans for initial capital, technology infrastructure, or office establishment. However, the trust entities themselves (the trusts and estates) are not businesses seeking loans; it is the trust administration companies that would apply for SBA financing.
Which states have the highest concentration of trust activity?
Seven states lead as preferred trust jurisdictions: Alaska, Delaware, Nevada, New Hampshire, South Dakota, Tennessee, and Wyoming. These states attract trust domiciles through zero state income tax on trust earnings, perpetual trust duration, strong creditor protection, and flexible modification provisions. New York and Massachusetts also host major trust departments within their large banking centers. Per FDIC data[9], trust assets held by FDIC-insured institutions exceed $40 trillion nationally.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [3]Census Bureau NAICS definitions census.gov
- [4]SBA size standards sba.gov
- [5]Bureau of Labor Statistics bls.gov
- [6]SBA 7(a) loans sba.gov
- [7]504 loans sba.gov
- [8]OCC guidance on personal fiduciary activities occ.gov
- [9]FDIC data fdic.gov
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