Most people recognize the importance of estate planning and typically want to ensure they entrust the right people with their assets. In many scenarios, trust administration is an important consideration when planning an estate, and careful consideration typically accompanies the choice of a trustee. Professional guidance in Florida can be a significant advantage in choosing who to entrust with estate administration.
When a person can no longer manage or make decisions about his or her money and other assets, he or she will want the best possible person to take care of it. An individual -- a trusted friend or family member -- can be selected as trustee, or an institution such as a bank may be designated. However, some people choose to take advantage of the ability to have personal attention and financial expertise to administer their trusts. They achieve this by appointing both.
With a friend or relative and a bank in charge of the trust, the trust creator can add a clause that both trustees must agree on discretionary decisions. Furthermore, the trustor may include a clause that will allow the removal of a trustee if so voted by the majority of adult beneficiaries. When this occurs, the designated successor trustee cannot be a relative and must also not have a relationship with any specified institution.
When appointing a trustee, it is important to inform that person and obtain his or her consent. Appointing a second person may be wise because changing circumstances may prevent the first choice from serving. Trust administration choices and the related critical decisions may be best navigated with the support and guidance of a skilled Florida estate planning attorney. The experience of a seasoned lawyer may ensure all eventualities are considered and addressed.
Source: fedweek.com, "Putting Your Money in Someone Else's Hands", Dec. 24, 2016