When establishing a trust, you may need to make significant decisions concerning its details, including who will be the trustee. This role has various responsibilities crucial to how the trust works and what can happen to it in the future. For some people, choosing someone for this position can be easy, but it is reasonable if you find it challenging.
If you cannot think of anyone fit for the position, consider hiring someone instead, such as a professional fiduciary. This person is a licensed individual who can take on various responsibilities concerning another person’s finances, assets, medical needs and other necessities. Aside from serving as a trustee, professional fiduciaries can also serve as guardians or conservators for incapacitated individuals.
Why hire a professional fiduciary?
There could be many reasons to hire a professional fiduciary to become your trustee. First, you may not have a family member suitable for the job. Or, you do not want to burden them with a trustee’s extensive obligations. Being a trustee can be an arduous task, requiring specific skills and qualities.
By hiring a professional, you also access their experience and knowledge, supported by credentials regulated by a bureau specifically for this line of work. This option can give you and your family peace of mind, knowing that a skilled professional fiduciary is your trustee.
Making trust decisions appropriately
Creating a trust can be challenging and daunting, especially if you have unique circumstances that may cause complications later. To address these concerns, you should seek legal counsel before establishing the trust. By doing so, you can determine appropriate options regarding your trust, considering your surviving family’s needs during your life and after you pass on.