Choosing who to appoint as your Successor Trustee can be a difficult task for some families. Maybe you don’t have any trusted individuals in your life. Or you anticipate major conflicts within the family and don’t want to subject someone to that strife. If you are struggling with the decision of who to appoint as the Successor Trustee of your Living Trust, exploring the option of using a Professional Trustee might be the right path.
What is a Professional Trustee?
A Professional Trustee is either an individual or company that offers trustee services for families who need an unbiased, third party to administer their Living Trust when they have passed on. A Professional Trustee could be an attorney, financial advisor, accountant, or other licensed professional.
Things to Consider When Choosing a Professional Trustee
If you’re trying to decide whether to appoint a Professional Trustee instead of a family member or friend, here are some things to consider:
- Experience and Knowledge: Does your family member or friend have the experience and knowledge to administer your Estate Plan?
- Fair and Unbiased: Is your family member or friend capable of acting in a fair and unbiased manner?
- Tension: Will naming a family member or friend create tension within the family?
- Time: Does your family member or friend have the time in their life to administer your Estate Plan?
- Desire: Does your family member or friend want to bear the responsibility of administering your Estate Plan?
- Contingencies: Is there a family member or friend willing to serve if your first choice is unable or unwilling to?
- Decision-making: Are you looking for an option that prevents your family from having to make difficult decisions?
What to Look For When Choosing a Professional Trustee
- Administration – choose a professional trustee that will execute your wishes
- Experience – choose a professional trustee that has had experience with administration
- Philosophy – choose a professional trustee who has a written investment philosophy
- Strategize – choose a professional trustee who will help you and your family manage and distribute your assets
- Communication – choose a professional trustee who will collaborate with you, your family, and your other trusted advisors
With a Professional Trustee, you can have peace of mind knowing your wishes will be handled with care and expertise.
Contact me today at (517) 708-2222 or email me at Katrina@CornerstoneLegalPLLC.com.