If you decide to use a trust such as a revocable living trust to transfer assets to your loved ones after you pass away you are going to have to select a trustee. The trustee will be charged with the responsibility of administering the resources contained within the trust.
While you are still alive you can actually serve as both the trustee and the beneficiary so that you retain complete control. But when you are deciding on a trustee who would take over after your passing you should take this choice very seriously because it is not a ceremonial or honorary position.
You can name someone that you know personally as the trustee, and this individual may be willing to handle this responsibility without asking for payment. Depending on the circumstances this could be a viable option, but in some cases you would be better off selecting a professional fiduciary such as the trust department a bank or a trust company.
These entities have a thorough understanding of how to handle financial resources, and in many cases trusts are set up to provide ongoing income so investments are part of the equation. Having a financial professional handle the resources is probably going to be the wise course of action.
The best way to set up your trust is to engage the assistance of an experienced legal hand. Should you be interested in having all of your questions answered as you develop a solid plan for the future, don’t hesitate to pick up the phone to arrange for a consultation with a seasoned, savvy Somerset County NJ estate planning attorney.
- Important Subjects to Discuss with Your Estate Planning Attorney - January 23, 2023
- Planning for the Possibility of Dementia - January 20, 2023
- How to Prepare for Retirement - January 17, 2023