You have control over the things that will take place after you pass away with regard to the nature of asset distributions to your loved ones. It is also possible to make sure that the resources that you are passing along are professionally managed.
A lot of people think that a last will is the only way to go, because they are not super wealthy. There are certain types of trusts that are used by high net worth people who are exposed to the federal estate tax, but there are other types of trusts. Everyday people can benefit from trust creation.
Trust Administration
The individual or entity who administers a trust is called the trustee. If you establish a trust, you could name a person that you know to act as the trustee, but it is also possible to use a corporate trustee. Trust administration services are provided by banks and trust companies.
There are a number of reasons why many people decide a corporate trustee would be a better choice than a private individual. The first one is the matter of skill and experience.
Even if you know someone who is a good money manager, trust administration is a very specific field. Professional fiduciaries are experienced and certified professionals who fully understand the process.
The impartiality is another major factor. If you have a family member or close family friend administering a trust that benefits multiple beneficiaries, decision-making can become clouded by relationships and emotions.
A corporate trustee can be cost-effective on a number of levels. For example, the corporation is going to have in-house resources like accountants and attorneys. If the trust is being administered by a private trustee, legal and accounting costs would enter the picture.
There is also the matter of regulatory bodies. A professional, corporate trustee is going to be subject to examinations by relevant governmental agencies so you can be confident about the integrity of the trust management.
These are a just a few of the reasons why you may want to use a corporate trustee. In the end, the right choice will depend upon the circumstances. The type of trust that is being used will also be part of the equation.
If you would like to learn more about the trust administration process, we have a valuable resource that you can access right now through this website, and it is only a couple of mouse clicks away.
Education is very important to our firm, because we want our neighbors here in Charlotte to make fully informed decisions. You have reached this blog looking for estate planning information, and we update it often, so we encourage you to bookmark the page and absorb the content that we provide.
In addition to the blog, we also have a rather extensive library of in-depth special reports that can be accessed through this website. They cover numerous estate planning topics, and they also cover important elder law matters.
The elder law piece is important — it may sound obvious, but you can’t leave anything to your loved ones if there’s nothing left to give. Certain expenses can absorb everything that you intended to pass along to your loved ones, and long-term care costs are at the top of the list.
If you take the time to digest the information that is contained within the special reports, you will probably see the matter of aging and legacy planning in an entirely different light.
All of the reports are available to you, but first things first. One of these reports is specifically dedicated to the subject of trust administration. The report elaborates on the basic information that we have provided in this blog post.
To obtain your copy of the report, visit this page and follow the simple instructions: Free Report on Trust Administration.
One-on-One Consultation
After you have read the report, you may decide that you would like to take the next step. We are always available to people in the greater Charlotte area who want to discuss their estate planning needs with a professional who really cares.
Our firm has assisted multiple generations, and we are very committed to our neighbors here in the place that we call home. If you would like to set up a consultation, we can get to know you, learn about your situation, and advise you appropriately.
We know that it can be intimidating to speak to an attorney about personal matters, but you can rest assured that we are everyday people who will make you feel at ease.
To set up an appointment, give us a call at (704) 944-3245 or send us a message through our contact page.
- Estate Planning for a Spendthrift Heir - July 3, 2020
- Estate Planning Procrastination Is Dangerous - June 29, 2020
- When Should You Use an Irrevocable Trust? - June 24, 2020
