Top 5 Benefits: Naming a Licensed Fiduciary as your Successor Trustee
BENEFIT #1: REMOVE THE BURDEN.
Remove the burden from a family member who will most likely be mourning your decline/death. Lower the stress levels during an already difficult time, by putting these often difficult and tedious tasks into the hands of a 3rd party licensed professional.
BENEFIT #2: EXPERIENCE = EFFICIENCY.
Professional trustees are familiar with the trust administration process and can get things done more efficiently than someone who is trying to do it between raising a family and working a full-time job of their own.
BENEFIT #3: LIMIT POTENTIAL FOR CONFLICT.
Reduce the likelihood of conflict between siblings or blended families with a neutral/3rd party licensed trustee.
BENEFIT #4: LICENSED, BONDED, INSURED, AND LIVESCAN BACKGROUND CHECKED.
Licensed, insured, and bonded… If an error is made that costs your trust thousands of dollars, is your Son or Daughter bonded and/or insured to cover losses? A licensed fiduciary is not only insured, but they are also background checked.
BENEFIT #5: AVOID CHOOSING BETWEEN FAMILY.
By naming a licensed fiduciary, you remove the guilt that comes with selecting one child to serve as trustee, and not another. Often times you want to name your loved ones as a beneficiary as well. This inherently puts that person in a position of conflict as they are constantly required to make decisions that are in your best interest, but also affect inheritance
BONUS BENEFIT: AVOID PROBATE, SAVE MONEY & TIME
When you hire a license fiduciary to be your successor trustee, it requires that you set up or update your living trust. When you update your living trust, you reduce likelihood of your assets going through probate. Name a licensed fiduciary, then update & review trust often!
