Trustee
Sadly, about two-thirds of Americans don’t have estate plans, according to a 2022 survey. Additionally, very few people who go through the estate planning process choose to set up a trust managed by a trustee. Only about 20% of them go with this option, as many assume simply putting together a will is enough.
Have you taken the time to explore the idea of creating a living trust and putting a trustee in charge of it? If not, discover more about trusts and those overseeing them below.
What Is a Trustee?
A trustee is an individual or a firm chosen to hold assets that are a part of a trust. They can work in this role during many different types of cases, including those involving bankruptcies or retirement plans. However, for our purposes, we will focus on trustees who manage trusts for people doing estate planning.
In this instance, a trustee is assigned to look over a living trust containing assets such as bank accounts, life insurance policies, and more for a grantor (the person who creates a trust in the first place). When a grantor dies, the assets in a trust automatically transfer to their designated beneficiaries. Until then, it’s up to a trustee to make sure these assets stay safe.
What Are the Main Responsibilities of a Trustee?
A trustee has a very important job during estate planning. They must showcase impartiality once appointed to watch over a trust containing assets that will transfer to a person’s heirs later. They have a fiduciary responsibility to every beneficiary slated to receive assets and must keep them in mind when making decisions.
These are the key responsibilities they must take on:
- Ensure assets in a trust remain secure and separate from other assets listed in a person’s will
- File reports regarding a trust and its assets to state and federal regulators
- Make adjustments as far as which assets are held in a trust based on a grantor’s wishes
- Distribute the assets in a trust in the aftermath of a grantor’s death
They must also communicate with a trust’s grantor and beneficiaries to keep everyone on the same page.
How Can a Trustee Help With Estate Planning?
A trustee can help with estate planning in a variety of ways. They can, for example, assist a grantor in choosing the right type of trust for estate planning. Many pros and cons come with revocable and irrevocable trusts, and a grantor must ensure they select the right type of trust to enjoy the benefits they’re aiming for.
A trustee can also provide a grantor and the beneficiaries peace of mind. No one will have to worry about anything happening to the assets put into a trust when a grantor brings the right person on board to manage a trust.
Are a Trustee and an Executor the Same Thing?
Some people confuse a trustee with an executor. Realize they play different roles in estate planning and executing a person’s will.
A trustee will help a grantor create a trust and sign a trust agreement that calls for them to take great care of a trust from the second they’re put in charge of it. An executor, on the other hand, will help a probate court carry out a person’s final wishes by handling every aspect of asset distribution. They’ll also pay off a loved one’s debts when they die and settle any disputes that might arise among family members as they seek to execute a person’s will.
Who Should Serve as a Trustee?
Picking the right person or firm to be a trustee is more difficult than you might think. Finding someone who can faithfully show loyalty to both a grantor and beneficiaries while doing the right things for everyone involved in estate planning is difficult.
If you ever decide to work with a trustee, look for one employed by a wealth management company or set your sights on locating an experienced trust attorney in your area. Shy away from appointing a family member or friend to serve in this role since it could create a conflict of interest.
Tired of Waiting For an Inheritance? Rockpoint Probate Funding May Be Able To Help
One thing that a trustee and an executor have in common is that they’ll both practice patience as far as estate planning is concerned. They won’t make any rash decisions and risk making mistakes while managing a person’s assets.
The only real downside to this is that it could prevent you from collecting an inheritance for months or even years on end if the probate process drags on following a loved one’s death. Rockpoint Probate Funding can help by providing a probate cash advance so you can secure cash today. Learn more about whether this option might suit your situation by calling us at (323) 484-1063 now.
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"It was quick & easy! if you are in a hardship like was, then please give them a try. You will not be disappointed with their friendly services & prompt responses. "
- Margaret P.
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- Sarah W.
"I have used Rockpoint twice and both times I dealt with professional customer service that was very fast and efficient! They are very informative on the process and they guide you with ease from start to finish. If you are going through some tough times or last-minute emergencies and are awaiting a settlement, I definitely recommend Rockpoint for all your financial needs!"
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