When establishing a trust to help to preserve your wealth, you may think about a variety of different types of friends and family members who might be the right choice. However, in some cases, it may be to your benefit to use a corporate trustee. You can always consult with a dedicated attorney to discuss whether or not it makes sense to pursue this route.
An estate planning professional can help you to decide the next steps that you need to take and to give you the support and understanding that you need during this time.
A corporate trustee is a trust company, an individual working for such a company or a bank trust department, who can help you manage, build and protect your wealth when you put your assets inside of a trust. There are many reasons to consider using a corporate trustee instead of an individual, including:
- See the potential of higher investment returns based on their financial experience.
- Get the advantage of years of their experience.
- Protect your wealth.
- Benefit from their objectivity.
In many ways, you can also decrease the possibility of arguments over the trust and other problems typically associated with trust management issues. It is to your benefit to identify a corporate trustee as soon as possible so that they can step in and have a clear understanding of the various terms inside your trust. Do not hesitate to contact a lawyer who has extensive experience in preparing these kinds of trusts so that you can learn more about how best to use this to your advantage.
If you’re not sure if you need a corporate trustee or someone else to help administer the terms of your trust, contact our Pasadena estate planning firm now.