Recommendation on Selecting a Skilled Trustee to Handle Your Belief – New York Property Planning Lawyer Weblog – Could 2, 2021

If you decide to create one trust As part of your estate plan, you must successfully complete various tasks, including appointing a trustee to oversee the trust. A Trustee performs the important task of both managing the trust and distributing assets in a manner that meets the terms of the trust.

While a trustee is performing an important role, many people have misconceptions about the role. For example, some people think that choosing a friend or family member to act as a trustee is a smart idea as it is a potentially inexpensive option. In reality, there are some distinct advantages to choosing a professional trustee. This article discusses some key points to consider when deciding whether to choose a professional trustee or a loved one to be the trustee for your trust.

Experience can come in handy

A friend or loved one can foresee the emotional difficulties associated with trust management, but few understand the legal responsibilities a trustee assumes. A professional trustee has the knowledge and experience to begin performing such a role immediately. A professional trustee can also mitigate the liability associated with the role. After all, a trustee is fully liable for acts and omissions, which means that a friend or family member who makes the wrong decision in running a trust could face undesirable consequences.

Physical problems can be daunting

Acting as a trustee is a time consuming task. Trustees find that the process is time consuming and may require trustees to be physically in different locations. The role of a trustee can become even more difficult when the trustee lives in a different area where the beneficiaries of the trust reside. While a friend or family member may not be prepared for such an engagement, it is almost certainly a professional trustee.

Family complexity can be learned

Many people fear that if they keep the assistance of a professional trustee, they will choose someone who does not know them and their family. Professional trustees go to great lengths to understand their clients so that they can fully satisfy the creator’s desires. This means that professional trustees often develop close relationships with families and others affected by a trust by learning as much about them as possible.

Up-front cost versus the cost of failure

People often worry that they cannot afford a professional trustee. However, if a family member serving a trustee makes mistakes in handling the estate, those mistakes can cost much more than the up-front costs associated with a professional trustee. A balancing test should be conducted to determine whether it makes more sense to pay higher up-front costs to receive a professional fee, or to use a family member or friend as a trustee who may have a significant amount due to a mistake in running the business Amount costs trust.

Contact an experienced estate planning attorney

If you or a loved one needs help devising an estate plan that will achieve your goals, it is always a good idea to consult a knowledgeable attorney. Plan a free case assessment Law firm Ettinger today.