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Home » Wills & Trusts » Can you Hire a Trustee to Manage a Trust?

Can you Hire a Trustee to Manage a Trust?

January 14, 2011Wills & Trusts

A Trust can be a powerful estate planning tool, and you need to make several decisions when creating a Trust, including choosing a Trustee to manage the assets of the Trust for the benefit of the named Beneficiaries. But a Trustee does not necessarily have to be a family member or a trusted friend.

To review how a Trust works – A Trust is a legal mechanism used as an estate planning tool that allows property to avoid probate. When you create a Trust, you transfer assets such as a real estate, stock, or even cash, to the Trust. These assets are then managed for the benefit of the Beneficiaries by a Trustee. While a Grantor, the person creating the Trust, may choose to act as the initial Trustee in the case of a Living Trust, obviously they must choose a Successor Trustee to handle the Trustee duties upon their death or incapacitation.

Some estates may choose to use the services of a professional to handle the Trustee duties. A professional Trustee, or Trust Officer, charges for their services. The fee is normally a percentage of the assets that they are managing. In using a professional to carry out the Trustee’s duties, you have the advantage of using a trained professional to handle assets, but some may feel the Trustee may not make the sensitive decisions that managing a family Trust may require. In this case, making trust documents as specific as possible may overcome this drawback, but others may just see this as an advantage.

A Trustee, whether it is a professional or a loved one, will always have a fiduciary obligation to the named Beneficiaries of the Trust. This obligation is not only an ethical one, but a legal obligation as well.

Trustee duties range in complexity from simply distributing property to Beneficiaries, to handling a large portfolio of stocks and bonds. Discuss your choice with a Trust Attorney, as he/she will be able to offer more insight into your particular needs, while creating a Trust that meets your estate planning goals.

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Michael Robinson, Estate Planning Attorney
Michael Robinson, Estate Planning Attorney
Clients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors.
Michael Robinson, Estate Planning Attorney
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