This week I will be in Chicago to present at the 2018 FOX Trustees and Beneficiaries Workshop. While I am there, I will be reviewing various options for choosing the most appropriate trustee for your family’s circumstances.
That makes this week a perfect time for the next post in our series about options available when selecting your trustee.
As discussed in our previous post, it is natural to want to choose a family member or someone you know well to serve as your trustee. However, it sometimes also makes sense to choose a professional trustee like a bank or trust company as the trustee or co-trustee.
The Pros of Using an Institution to Be Your Trustee
Selecting an institution to serve as your trustee may help you avoid some of the problems that can occur when a family member, friend or business associate is selected as a trustee, because institutional trustees:
Sound Perfect? Consider the Drawbacks to Using an Institution as Your Trustee.
Keep in mind that an institution has procedures and processes they follow, so recognize that:
Institutions also have some disadvantages you might not face with other trustee choices:
Still Have Questions About Your Trustee Choice?
Selecting your trustee is one of the most important decisions you and your family members will make, and with some thoughtful consideration, you can choose the trustee that best meets your family’s needs. For assistance in considering the pros and cons of each trustee option as it relates to your particular situation, please contact Mark Harder, Chair of our Private Client and Family Office Practice.
More information is available in our previous post: "Should I Choose a Family Member to Be My Trustee?"
Additional information can also be found in our full article: "Who Can I Trust to Be My Trustee?"