We point out on our website that comprehensive and tailored estate planning can be a dynamically integrated exercise.
What we specifically underscore in that observation is that a well-executed plan often entails far more than a will alone. Although that instrument is a foundational document for most planners, it can often be smartly augmented by other tools that strongly promote a grantor’s interests and those of intended heirs and beneficiaries.
One prominent autonomy-promoting estate planning tool is a trust, which comprises many flexible and creative variants.
Notwithstanding the targeted purpose of any given trust, all trusts have a uniform need that must be addressed to help ensure their aims and maximum effectiveness are accomplished.
Namely, that is the designation of a capable trustee. Trusts are inherently complex instruments. A recent Forbes article on trust management duly notes that having a strong and steady hand at the trust tiller promotes “balance between family interests and asset protection.”
Moreover, notes the publication, that is often especially true “for high-net-worth families that have a lot at stake.”
It might be true that a parent, spouse or specifically designated adult child might serve just fine as a trustee in a particular instance. From a statistical perspective, though, that does not often turn out to be the case, especially where blended families and/or a family business coupled with substantial estate wealth are involved.
Forbes makes the bottom-line point that, “It is impossible to overstate how important it is that a trustee be the right person.”
Inquiries regarding trustee selection or any other aspect of estate planning can be directed to a legal team with a deep well of experience advising diverse and valued clients in this important legal area. If you have questions about trusts or any other estate planning documents, we invite you to contact one of the Quinn Law Firm’s Estates and Trusts attorneys by calling us at 814-833-2222.