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Don’t Know Who Should Act as Successor Trustee?
A Professional Fiduciary May be the Answer
More and more of my clients want to name someone other than a family member as their successor trustee to take all the actions required after they are gone to manage and distribute the assets of their family trusts. The reasons are many. For some, they just don’t want to burden a family member. Others, want to make sure peace is kept between the children after they are gone. And then, for more and more people who either don’t have a lot of family or live far away from them, it’s that they cannot think of anyone who would be appropriate. This article will delineate some of the benefits of naming a private fiduciary as your successor trustee, how to go about doing so, and what to expect. Please read below.
Professional Fiduciary or Family Member as Successor Trustee
Preserving Family Unity
Families have their histories. Siblings may hold grudges. Aunts or uncles may have favorite nieces or nephews. And even when trying to be objective, those feelings may influence a family member successor trustee. By naming a professional fiduciary trustee, you are naming a third party neutral whose decisions will be based on the reasonable interpretation of the trust document. Thereby, family grudges do no influence the distribution of the trust estate.
Experience, Knowledge & Licensing
A professional fiduciary or trustee does trust administration on a full-time basis and understands what needs to be done and how to do it. Although your son or daughter may be responsible and intelligent, this is usually not their career and they will have to learn on the job. The professional has had training and is licensed and insured; further safeguarding your trust estate.
The Process of Deciding on a Professional Fiduciary
As with anything else, you must do your research. Obtain referrals of three professional fiduciaries and make an appointment to sit down with them. Ask them about their experience, education, who they work with and make sure they are licensed. Of course, also ask them about costs. Then determine who would be the best fit for your family and situation.
I Can Help
If you decide a professional fiduciary may be a good option for you and your family, I can refer you to several good candidates. I can also prepare the paper work to name that person as your successor trustee. The Law Office of Jane K. Penhaligen can provide these services. Call or email today.
Attorney Jane K. Penhaligen will work hard to preserve your funds and prepare for your future. Schedule an initial consultation by calling (925) 746-7113 or fill out the form below.
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