Here’s why it’s a smart idea to forego family or friends and consider a professional trustee.
When stress and emotions rise, as they do when a loved one dies, tensions can emerge—even in mild-mannered and loving families, said Frank. A professional trustee is impartial, which can be a tough stance for friends or family to take when it comes to assessing the intentions of loved ones who have died.
“At Whittier, we have some clients who come in with the intention of naming us as a trustee, and give us assets to manage as a way to assess the relationship,” said Frank. This sort of relationship can be invaluable if your spouse were to die. While a professional trustee charges a fee , they are a fiduciary, bound to act in the best interest of the trust. Not only does hiring a trustee take administrative tasks and responsibility off the plate of your beneficiaries, but the expense of a professional trustee may be less than hiring multiple professionals to manage the trust.
There are other options that can protect your estate from a rogue trustee. Naming a third-party or professional trust protector who can monitor or replace trustees can be an option if you anticipate beneficiaries may not have the capacity to reach consensus when it comes to a “remove and replace” decision. You may also wish to explore setting up your estate in a state that recognizes “directed” trusts, said Frank.
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