The Value Of A Hiring Professional Trustee

Every trust must be overseen by a trustee. Just about anyone can be a trustee. But, some trustees are better than others, due to their professional qualifications/experience as a trustee.

Going over the value of hiring a professional trustee, and speaking with a Florida estate planning lawyer, will allow you to develop a trust that satisfies all of your estate planning goals. 

What Is A Trust? 

A trust is an estate planning tool that allows you to “give” certain assets to a trustee. By giving certain assets to a trustee, you can protect those assets from probate, certain taxes, and some debt collectors; among other things.

If you do not have a trust then, in many cases, the assets in your estate will need to go through probate. This means that it may take six to nine months for your assets to go to your beneficiaries.

On top of that, the assets within your estate will be used to pay probate fees. They may also be used to pay any outstanding debts and tax-related bills that are connected to your estate.

If you develop a good trust, then you can bypass many of those problems. Your beneficiaries will receive your assets right after you pass and, in doing so, they are likely to receive the full value of your estate. 

What Is A Trustee? 

A trustee is a third party who is authorized to manage the assets within your trust. And, in turn, to execute the wishes you have outlined for this trust.

Just as an example, if you put your house in a trust, and want to give this house to your daughter, then your trustee will be the person responsible for ensuring this happens.

Outside of the above, a trustee may have other responsibilities, adjacent to executing your wishes. This includes making informed decisions about how to invest the assets within a trust, so that they continue to grow in value. 

What Is A Professional Trustee? 

A professional trustee is a person who is paid to manage trusts for a living. To be a professional trustee, the individual chosen must not have a personal interest in the trust; they won’t be getting anything from it, for example.

Even though nearly anyone can be a trustee, some trustees are better than others. And, generally speaking, the best trustees are those who know how to manage a trust in a manner that satisfies the wishes of the person who made it. 

Should You Hire A Professional Trustee? 

The answer to the question outlined above is “It depends.” Sometimes hiring a professional trustee is wise. Other times, it isn’t.

If you have a simple trust with simple wishes, then a regular trustee may be fine.

On the other hand, if you have a trust with assets that are very valuable, and you want to ensure that these assets remain valuable, you may want to hire a professional trustee that knows how to do this.

A lawyer can help you with this decision.

Speak With A Florida Estate Planning Lawyer Today

If you would like to develop a trust that satisfies your wishes, working with a lawyer is in your best interest. Speak with a Florida estate planning lawyer at Millhorn Elder Law Planning Group today and we will help you. 

Sources: 

law.cornell.edu/wex/trust

law.cornell.edu/wex/trustee