How To Choose The Right Trustee For Your Estate
It is difficult to think about passing away; however, you may want provisions to manage your family’s inheritance after you are deceased. Perhaps you may want to set up a trust fund for your children or one of your family members for the future. A trust ensures that your assets—like money, securities, investment accounts, life insurance proceeds or real estate—are managed and distributed the way you directed in your will or trust agreement. .
Who will manage your trust fund after you have passed? You must legally transfer ownership of the assets to the trustee to manage the assets for the benefit of the beneficiaries. . It should be someone whom you trust will honor your wishes and directions. To help you make this crucial decision you need sound, experienced, and practical legal advice. As experienced Philadelphia trust attorneys, the law offices of Pozzuolo Rodden can help.
What Is A Trustee?
A trustee is a person or corporate , financial institution that you have legally chosen to manage your trust on behalf of your beneficiaries. When you are deceased, your trustee must manage and administer the trust assets including buying and selling assets, paying bills, filing tax returns, and distributing income and principal for and on behalf of your trust beneficiaries. .This trustee must be someone who is experienced with integrity to manage your trust assets with the best interests of your beneficiaries above all.
Additionally, most of the time, parents set up trust funds for special-needs loved ones who can not manage their financial affairs on their own. A trust fund might also be the best option to keep beneficiaries from squandering all their money and becoming destitute. Having a reputable trustee is crucial for these responsibilities.
Choosing The Right Trustee
Selecting a trustee should not be a quick decision. You need someone who has the expertise and is willing to devote time and responsibility to manage and administer your trust assets. . Managing the trust for your beneficiaries could be a job that lasts for many years. Therefore, it must be a person or financial institution with a life longer than the trust term and who has the integrity, objectivity and loyalty to follow your your wishes and directions. The trustee should also be in close proximity with your beneficiaries to conduct business without a lot of travel expenses involved.
While you may consider a relative or close friend as a reliable trustee, remember that the responsibility is heavy and can be stressful. It might be in your family and estate’s best interest to hire a professional or corporate trustee. The law offices of Pozzuolo Rodden, P.C. are experienced Philadelphia trust attorneys, and can guide you through the process.