Are you looking for ways to ensure your assets are handled properly after you pass away? A corporate trustee may be the right choice for you. In this article, we will discuss the pros and cons of selecting a corporate trustee to help you make an informed decision.
What is a Corporate Trustee?
A corporate trustee is a professional trustee company that specializes in managing trusts for individuals and businesses. They have experience and expertise in handling complex financial matters and can provide unbiased guidance and support to ensure your assets are protected and managed effectively.
Pros of Selecting a Corporate Trustee
Corporate trustees have specialized training and experience in managing trusts. They have a deep understanding of complex financial matters and can provide unbiased guidance and support to ensure your assets are protected and managed effectively.
Continuity of Trust Management
When you choose a corporate trustee, you can be assured that your trust will be managed properly even after you pass away. The company will have a team of professionals who are familiar with your trust and can ensure that your wishes are carried out properly.
Corporate trustees have access to a wider range of investment options than individuals. They have professional investment managers who can manage your assets and ensure they are invested wisely to achieve the best possible returns.
Corporate trustees have processes and procedures in place to manage risks effectively. They have a fiduciary responsibility to act in the best interest of the trust and its beneficiaries, and they take this responsibility seriously.
Corporate trustees have legal expertise and can provide guidance on estate planning and other legal matters. They can work with your estate planning attorney to ensure your wishes are carried out properly.
Cons of Selecting a Corporate Trustee
Corporate trustees charge fees for their services, which can be higher than what an individual trustee would charge. However, the cost is usually worth it for the expertise and peace of mind they provide.
Less Personal Attention
With a corporate trustee, you may not receive the same level of personal attention as you would with an individual trustee. However, they will still be available to answer your questions and provide guidance when you need it.
Corporate trustees may have strict procedures and guidelines in place that can limit the flexibility of the trust. However, these guidelines are in place to protect the trust and ensure that it is managed properly.
When you choose a corporate trustee, you give up some control over the management of your trust. However, this can be a good thing if you want to ensure that your assets are managed properly and in the best interest of your beneficiaries.
Contact an Attorney For Help Choosing a Corporate Trustee
If you are considering selecting a corporate trustee for your trust, contact Heritage Law Office today for guidance. Our experienced attorneys can provide guidance and support to help you make an informed decision. Contact us online or at 414-253-8500 to schedule a free consultation today.