Did You Pick The Wrong Trustee Under Your Will or Revocable Trust?
A Quick Guide To Fixing This Mistake And Updating
That Old Will Or Trust
First, What is a Trustee?
A trustee is named in the trust to manage and oversee the trust.A trustee
has the ability to make decisions regarding the assets of the trust and
how to implement the terms of the trust. A trustee is an important role
to a successful trust.
Second, Do You Have the Right Trustee?
The type of trustee depends on many factors such as the type of trust,
the amount of assets, and how long the trust will last. There are
many advantages and disadvantages to having an individual trustee.
An individual trustee may be less expensive and may better understand
your situation and desires. Although, they may lack expert knowledge
and experience. And, because Pennsylvania is now a UTA
(Uniform Trust Act) state and a Prudent Investor rule state, individual
trustees may lack the time or technical expertise to comply with these laws.
For this reason, there are may advantages and disadvantages of having
a corporate trustee such as a bank or trust company. They have knowledge
about investments, trust record keeping, and rules but may be more expensive.
Read our article Choosing a Trustee: Individual Trustee vs. Corporate Trustee
to find out if you have the wrong trustee or how to have the Right trustee
for your trust or trusts.
If you already know that you need to do estate planning, or to update
an old will or trust, then please call 610-933-8069 and mention this
article by David Frees for a discounted estate plan only available to
David’s blog readers and existing clients and their families.
Have a business? Ask about our enhanced and elite First Class
and Business class upgrades to your estate planning.
Our estate planning fees include wills, trusts (when needed), a power of
attorney for each of you, a medical power of attorney and living will,
a HIPPA authorization and more.
And, our superior two step process get you through the planning and
to signed documents faster and with more precision than many other
lawyers or firms.
And, we give you everything that you need to get started and to get this
off your TO Do list.
