Adding trusts to your estate plan can protect your assets and prevent complicated probate procedures. When you incorporate a trust into your estate plan, you must appoint a trustee to administer and manage the trust. While many people first consider appointing their spouse or other family members as trustees, it can often be a better decision to use a professional trustee, such as your estate planning attorney at The Millman Law Group. There are several reasons why this may be the better decision, including the experience and objectivity of your professional trustee.
A Professional Trustee Has Experience
Successful trust administration requires a certain amount of legal and financial knowledge and, ideally, experience. The trustee should be familiar with the applicable state and federal laws that govern the use of the trust. Additionally, the trustee should understand how to invest the trust assets so they can grow over the lifetime of the trust. A professional trustee will most likely have more experience than your close friend or family member and will avoid the learning curve an inexperienced trustee would experience.
A trustee may often be granted the authority to make discretionary disbursements when conditions are met. This is when choosing a professional trustee can be most helpful, as a trustee that isn’t related to anyone benefiting from the trust will be more objective. This way, no personal feelings can get in the way of making the best decisions for the trust.
Avoid Conflicts of Interest
The trustee may often be called up to resolve conflicts among the beneficiaries and should make careful decisions to prevent conflict from occurring at all. When the trustee knows the beneficiaries personally, it may be more difficult to avoid or resolve disputes without creating more interpersonal challenges. When you select a professional trustee, you are choosing a person who isn’t involved personally with the family or beneficiaries and who is only concerned with proper trust administration.
The Willingness to Serve
When people appoint their trustee, they may also assume that the person they choose is willing and able to serve. However, that is not always the case. Sometimes, a person won’t have the time or the patience to act as a trustee. Additionally, if a trust needs to be managed after someone’s death, if the trustee is a spouse, friend, or family member, they may not want to act as a trustee while grieving. When you appoint a professional trustee, these factors are not a concern.
If you want to ensure that your trust is administered correctly and that conflict is eliminated as much as possible, you can trust The Millman Law Group as trustee.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.