Competent Care For Your Loved Ones

As we age, managing financial affairs can become a very stressful and complicated task. In today’s world where there are numerous scams targeting seniors, it can be very challenging to protect your assets or those of someone you care for.

One option to protect your assets is to set up a trust and assign a trustee to hold, protect and manage your assets for your benefit, and for the benefit of your beneficiaries. Trustees can be an individual, an institution, or a combination of both.

There are several benefits to hiring an independent professional trustee, and one of the top is that they are independent, objective individuals or entities whose job during your lifetime it is to help you build, manage, and protect your wealth within the umbrella of a trust.   

What They Do

Independent professional trustees will protect and manage your assets while you are alive and, if you wish, will continue after your death for the benefit of your loved ones. On your behalf, and always in your best interest, they will perform many duties including pay bills, buy or sell assets, file tax returns, and distribute assets as you direct.

Regulated by both state and federal agencies, professional trustees require a higher level of professionalism and training than personal trustees such as a family member or friend. In addition, they are experienced professionals who can provide advice on investments, taxes, retirement and estate planning.

Who To Choose

Many people initially think of family or friends when selecting a trustee, but this may not be the best choice. Selecting a trustee is an important decision as that person becomes responsible for safeguarding and managing your assets, and for following your written instructions from the trust document. If you select someone who is not readily available, disorganized or unreliable your intentions and expectations in establishing the trust may not be fulfilled.

If you are concerned about protecting yourself and yet still want to engage someone you know and trust in the process, you could require that an independent professional trustee work with your family member or friend to assist them in overseeing your assets. This “co-trustee” option helps ensure your wishes are followed, and your best-interest is kept at the forefront of all decisions.

No matter who you choose, make sure you feel comfortable with your trustee, and trust that they are going to do all they can to honor your needs, wishes, and goals – regardless of your physical, emotional, or mental health status. A good trustee always looks out for you!