TL;DR You need to appoint a Trustee to manage the trust you are setting up for your children. If the only person you can think of is Uncle Bob, and you’re afraid Uncle Bob will head straight to the casino and put it all on red, you should consider a corporate trustee.
If you want to create a trust for your kids or anyone else, you need to appoint a Trustee, the person in charge of managing and controlling the assets under the instructions of the trust. When thinking about this, you want to select the person you trust to manage property for your beneficiaries.
You want someone who is honest, reliable, and financially savvy. It should also be someone who has the time and capacity to manage assets and distribute them to your beneficiaries when they need them. If you don’t have someone in mind who meets that description, you should consider appointing a corporate trustee.
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Most large banks and brokerage firms offer this service. There are several benefits to having a corporate trustee. Here are some
- They will invest the trust assets based on your financial short-term and long-term goals as well as your risk tolerance
- They will have the time to deal with requests for money and any questions from your children
- They have processes in place to objectively review requests for money
- They will follow the trust instructions dependably
- They will be available for your children in the long-term
- They have a network of professionals that your children may tap into should they need other financial or tax guidance
The downside is that it costs more. They will charge either an hourly rate or a percentage of assets under management. But it might be worth it to make sure your wishes are honored, and your kids are taken care of in the way you want.
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At Eastside Estate Planning we focus exclusively on estate law and offer reasonable flat fees, depending on your individual needs. With 10 years of legal experience, Robert is an expert at explaining complex estate planning concepts simply and advising his clients to make the best decision.
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Eastside Estate Planning is dedicated to providing estate planning, last will, and trusts services to individuals and families in the following areas:
Bellevue | Redmond | Monroe | Duvall
If you reside in any of these locations and are in need of professional estate planning assistance, we are here to help. Robert is committed to delivering personalized and top-quality estate planning solutions to clients within these cities. Contact us today to discuss your estate planning needs and secure the future of your assets.
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