A professional trustee is a licensed professional that manages your trust when you become incapacitated or pass away. In the same way an executor handles your assets, a professional trustee is responsible for managing all the details of your affairs on your behalf. For some people, appointing a friend or family member as a trustee may not be in their best interests. This could be due to strained family relationships or your family members’ inability to properly perform these duties. In these cases, you could benefit from working with a professional trustee instead.
Relieve the Executor Burden
For some family members, the idea of managing your finances and assets can be exhausting. A professional trustee can help relieve the burden. Your friends and family will not have to worry about disbursing funds and assets to beneficiaries. They won’t have to overwhelm themselves with unpaid bills or outstanding debt. If you have one or multiple trusts, a professional trustee will make sure those are taken care of according to your wishes. An experienced professional will ensure every business and financial decision is made objectively and in your best interest.
Related Article: Who Can I Name as Executor When I Have No Family or Friends I Trust?
Avoid Conflict with Friends and Family
If you already have strained relationships with your family or close friends, assigning someone to manage your assets can cause further friction. Perhaps your family members have proved themselves untrustworthy. Maybe you have multiple children who have their own vested interest in your belongings. Whatever the case may be, using a professional trustee could help your family avoid these conflicts. Your representative will follow every detail of your trust and make sure everything is handled appropriately.
Choosing a trustee is one of the most important decisions you will make. Deciding on an appropriate and trustworthy person ensures your assets will be is managed correctly after you are gone. Although this decision can feel impossible with no family or friends to turn to, a professional trustee can help you find a solution. This experienced professional will guarantee your assets are managed ethically, accurately, and legally.
Have more questions on appointing a trustee?
At Marcia L. Campbell, CPA, we act as a licensed and trusted professional fiduciary for many of our clients. Contact us at 1-951-686-3608 to learn how we can help.