Removing being stuck with a Corporate Trustee

A corporate trustee can give you the peace of mind that
Ease Your Worries: How a Corporate Trustee Can Safeguard Your Legacy

Let’s talk about a common dilemma many face when it comes to estate planning: who can we trust to make critical decisions on our behalf? Recently, I’ve encountered clients grappling with this exact question, and their concerns have shed light on an important solution: corporate trusts. In this blog, we will discuss options when you feel stuck in your estate plan.

Scenarios that block you

In one case, we had a client who did not want to burden his loved ones. So, he kept pushing off getting his estate plan done because he did not want to deal with who would step up when he could not.

Another client has lost most family members and the only person sibling that they had alive was not a person that they truly trusted.

In these cases, the desire to protect loved ones clashes with the uncertainty of who can step in when needed. The consequence? Stagnation in their goal of safeguarding their legacy.

What does an Executor or a Trustee need to do?

Before delving into the benefits of a corporate trust for such families, let’s first understand when you might need someone to step in and make decisions on your behalf:

Upon Passing Away:

Will-based Plan: If you pass away, someone needs to manage executing your will. This involves hiring an attorney to probate your will and ensure your wishes are carried out.

Trust-based Plan: A secondary trustee will oversee asset distribution according to your trust’s instructions.

Your estate plan also helps navigate what happens when you are alive, but you cannot speak for yourself.  In this case, here are different powers that are handed over in this case:
Medical Decisions: Designate someone to make medical decisions and advocate for your care.
Financial Matters: Entrust someone to handle bills, contracts, and financial transfers.

Now, for those lacking trustworthy family members for asset management, a corporate trust is a viable solution. Here’s why:

Asset Management Without Family Involvement:

If you don’t have family members you trust with your assets, consider placing them in a trust and appointing a corporate trustee as the asset manager. This way, your assets are in capable hands should something happen to you.

Benefits of having a Corporate Trustee:

Professional Expertise: Corporate trustees can be found at corporate trust companies and many banks. They specialize in managing assets, ensuring they’re handled competently and according to your wishes.

Reliable Continuity: Unlike family members who may face life changes or conflicts, a corporate trustee provides stable continuity in asset management.

Impartiality: A corporate trustee makes decisions based on professional standards, free from emotional bias or familial tensions.

It’s important to note that while a corporate trustee manages assets, they won’t make medical decisions. However, this solution bridges the gap for those concerned about asset management without reliable family support.

By incorporating a corporate trust into your estate plan, you not only ensure your assets are well-managed but also alleviate the burden on loved ones, allowing them to focus on supporting you emotionally rather than navigating complex financial matters.

Ready to explore this option further or have questions about your estate plan? Let’s connect for a free 15-minute consultation. Together, we’ll craft a plan that provides you peace of mind and keeps your loved ones out of court and conflict.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top