Would You Benefit from the Use of a Corporate Trustee?
There are some circumstances in which a person creating a trust opts to use a corporate trustee rather than an individual, such as a friend or family member. Below are a few examples of situations in which you might consider using a corporate trustee.
You’re seeking to build wealth with professional assistance
Many people have a lack of time, interest or both to manage their own investments in their estate planning, in which case it makes sense to work with a corporate trustee. Or perhaps you’ve recently received a large inheritance, a settlement from a lawsuit or divorce, or money from a business sale.
Wealth protection for estate planning/retirement
If your goals are to avoid probate or save on estate taxes, working with a corporate trustee can be a solid choice for your personal situation. A corporate trustee can also be useful if you’re planning out how you’ll take IRA distributions after your retirement, or if you’re changing jobs and wondering how to manage distributions from your current retirement plan.
Estate administration assistance
Perhaps you’ve been named the personal representative of another person’s estate, but simply do not understand your role and what it is you’re supposed to be doing. In such a case, seeking out the assistance of a corporate trustee can make sense and help you better manage the estate in question.
Peace of mind
If you are planning out your estate and are worried that you do not have a loved one or friend who would be capable of taking on the role of trustee, working with a corporate trustee will give you some peace of mind. You won’t need to spend your energy worrying about what happens to your affairs if you become incapacitated or pass away.
For further information on the circumstances in which you might use a corporate trustee, consult an experienced Tampa estate planning lawyer with BaumannKangas Estate Law.