A trustee is best defined as an individual or individuals who have been named to manage a trust’s assets and carry out the purpose of the trust after you die or are unable to physically do so on your own. Naming a trustee is typically one of the first things you will do when establishing a trust, and most people have a pretty good idea who it will be. But one question that our estate planning attorneys get asked a lot is: “What are my options if I don’t have a trustee?”
It’s a valid question. After all, most people simply choose a family member or close friend to be their trustee. But that decision can become very complicated for a variety of reasons that are not always considered when first creating a trust.
- They do not have children.
- They have children, but they are not old enough.
- Their grown children are not competent or trustworthy enough.
- They have no friends or family.
If you face any of these scenarios but need someone to ensure your wishes are carried out, a trust department at a bank or investment firm is always an option.
The role of a trust department or investment firm
A trust department or investment firm can come in and assume the role of your trustee. They are a third party, and this is something that you will undoubtedly have to pay for. But it is their job to manage the trust per the rules and duties you originally set forth in the trust documents — and their services come in handy in situations when you do not have friends or family to assume that responsibility.
A trust department or investment firm can do everything from keeping records and preparing tax returns to managing trust funds, disbursing checks, making required distributions to beneficiaries, and other lawful transactions.
Naming a third party as your trustee may feel awkward, especially when most people traditionally turn to family and friends. But the goal is to do whatever is in the best interests of your estate and your family, and hiring an entity such as a trust department or investment firm will accomplish those goals quickly and efficiently.
Call Nelson Law Group today!!
When it comes to estate planning, you need a trusted estate planning attorney to guide you through each stage and work diligently to achieve a result that will give you peace of mind moving forward. The Nelson Law Group brings nearly two decades of experience to each and every case.
Give our knowledgeable staff here at Nelson Law Group, PC, a call if you have any further questions regarding this or any other issue. Our staff is always available. Give us a call today! For more information about Brett A. Nelson, click here.