We have discussed before about the possibility that some people might want to consider hiring a professional Trustee to handle their Trusts instead of relying on a friend or family member. That has sparked questions about how to decide in individual cases. The best thing to do is to talk to your attorney about it, but here are some factors the attorney would use to help you make a decision.
1. How large is the Trust? If a Trust is small, then it is probably a waste of resources to hire a professional as the fees will outstrip any benefits of professional management.
2. How complex is the Trust? The more complicated the assets in the Trust, the more likely that you should get professional administrative services.
3. Can your family handle the Trust? This just asks if you have a family member who can reasonably be expected to be a competent Trustee.
4. Do the beneficiaries get along? If they don’t, then a professional Trustee is a good idea.
Talk to an attorney about these factors and how they apply to your situation.
Stephen A. Mendel, Estate Planning Attorney
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