Unsure About Naming Yourself As Initial Trustee?

The initial trustee of your trust documents is the person who serves while you are living. This person usually tends to be yourself. However, there may be situations when you might want to consider naming someone else or using a professional trust company as the initial trustee.

It may be possible that you may not be in the best physical or mental condition to handle properties or assets held within the trust. Or you just simply feel that you are not sufficiently qualified to handle any complicated assets. In this case, there are alternatives for you to choose from.

You could inquire with your bank to see if they have a trust department. Going this route could make things easier considering if you already have accounts with them. Consolidating these services into one entity could have it's advantages. If the bank is not your ideal choice, there are several companies out there whose sole purpose is to manage trusts for you. Using a professional trustee is never a bad idea, just be sure to know exactly how much their fees are going to be before making any decisions.

Your estate litigation Attorney may also be able to help find you a suitable trust management company or trustee who will have years of experience handling trusts.

*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.

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