The Benefits of Choosing a Professional Trustee for Your Estate
Choosing the right trustee for your estate is a critical decision that can significantly impact the future of your assets. While it’s common to appoint a trusted friend or family member, many are now turning to professional trustees for this vital role.
This shift is due to the myriad of benefits that come with choosing a professional trustee, such as their expertise, impartiality, and experience in handling complex financial matters. In this article, we review the numerous advantages of opting for a professional trustee when planning your estate and what to look for when choosing a trustee you can trust.
Summary:
- Understanding the Role of a Trustee
- Who Can Be a Trustee?
- The Importance of Choosing a Professional Trustee
- Other Considerations for Selecting a Trustee
- Wauwatosa Professional Trustee
1. Understanding the Role of a Trustee
A trustee is an individual or entity that holds assets on behalf of a beneficiary. They have legal responsibility for managing these assets according to the terms set out in the trust agreement.
The role of a trustee can vary depending on the type of trust and its specific terms, but generally, they are responsible for investing and managing assets, distributing income and/or principal to beneficiaries, and making important decisions regarding the trust.
2. Who Can Be a Trustee?
Trustees can be diverse, ranging from a trusted friend or family member to a professional entity like a bank or a wealth advisory firm. For instance, one may appoint a close friend, sibling, or a reliable family member as a trustee.
On the other hand, professional trustees can be selected like estate planning lawyers. These professional trustees bring a wealth of experience, expertise, and impartiality to the management of trust assets. They act as custodians for the assets held within a trust, taking responsibility for managing and administering the finances according to the terms of the trust.
3. The Importance of Choosing a Professional Trustee
When creating an estate plan, choosing the right trustee is a critical decision. While many people may consider appointing a family member or friend as their trustee, there are significant benefits to choosing a professional trustee:
- Expertise and Experience: Professional trustees have specialized knowledge and experience managing trusts. They understand the legal and financial complexities involved and can ensure that your assets are managed professionally and efficiently.
- Impartiality: By appointing a professional trustee, you can ensure that your assets are distributed impartially and according to your wishes. This is especially important in cases where there may be family conflicts or disputes among beneficiaries.
- Continuity: A professional trustee, like Margerie Law, will continue to manage your trust even after you pass away or if you become incapacitated. This provides a sense of security and ensures that your wishes are carried out for the long-term.
- Reduced Burden on Family and Friends: Appointing a family member or friend as your trustee can put a significant burden on them. They may not have the expertise or time to efficiently manage your trust, leading to potential conflicts or financial mismanagement. Choosing a professional trustee can alleviate this burden and ensure that your assets are in capable hands.
- Avoiding Conflict of Interest: A professional trustee has a fiduciary duty to act solely in the best interests of the trust and its beneficiaries. This can help prevent any conflicts of interest that may arise if a family member or friend is appointed as trustee.
4. Other Considerations for Selecting a Trustee
In addition to the above benefits, there are other factors to consider when selecting a trustee for your estate:
- Location: If you have assets in different states or countries, choosing a professional trustee with expertise in managing out-of-state or international assets can be beneficial.
- Specialized Knowledge: Depending on the type of trust and its specific terms, you may require a trustee with specialized knowledge in a certain area, such as tax laws or real estate.
- Trustworthiness: A professional trustee is held to a high standard of trustworthiness and ethical behavior. They must adhere to strict regulations and codes of conduct, ensuring that your assets are managed responsibly and ethically.
5. Milwaukee Professional Trustee
If you live in the Milwaukee area and are looking for a professional trustee, look no further than Margerie Law. Our experienced Milwaukee estate planning lawyers have extensive knowledge in managing trusts and can provide personalized and impartial services to ensure your assets are managed according to your wishes.
Contact us today to schedule a consultation and learn more about how a professional trustee from Margerie Law can benefit your estate plan. With our expertise, you can have peace of mind knowing your legacy is in good hands.
By Paul Margerie, Owner of Margerie Law
Paul Margerie of Margerie Law is a knowledgeable and experienced estate planning attorney based in Wauwatosa, WI. With years of experience helping families and individuals with their estate plans, he offers a gentle touch that puts his clients at ease. He understands the sensitive nature of this work and ensures that all details are taken care of with precision and accuracy. He strives to help each client achieve peace of mind that their future is protected by providing personalized advice and creating tailor-made solutions that fit their individual needs.
