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Home » BLOG » Trusting a Professional Trustee

Trusting a Professional Trustee

September 30, 2011 by Stephen A. Mendel, Estate Planning Attorney

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 property held by a trust.  But a Trustee does not necessarily have to be a family member or a trusted friend.

To review how a trust works:

  • When you create a trust you transfer assets such as a real estate, stock or money 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 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 they will be able to offer insight into your particular needs.

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Stephen A. Mendel, Estate Planning Attorney
Stephen A. Mendel, Estate Planning Attorney
Mr. Stephen Mendel is an attorney who focuses a substantial part of his practice on estate planning. Mr. Mendel’s guiding principle is to provide his clients with quality legal services tailored to each client’s specific needs and goals.
Stephen A. Mendel, Estate Planning Attorney
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Filed Under: Trust Administration Tagged With: creating a Trust, living trust, Trust Attorney, Trustee duties

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About Stephen A. Mendel, Estate Planning Attorney

Mr. Stephen Mendel is an attorney who focuses a substantial part of his practice on estate planning. Mr. Mendel’s guiding principle is to provide his clients with quality legal services tailored to each client’s specific needs and goals.

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