How do I choose the right trustee? – Patterson Bray PLLC

Transcript:

00:00:00 – 00:00:24

A trustee should be someone trustworthy, financially responsible, and someone that could be impartial or objective regarding your assets, the distribution of those assets, and your wishes. An individual could be a trusted family member or a friend. A corporate trustee could be an attorney, a CPA, an accountant, or a bank.

00:00:24 – 00:00:35

There are certain advantages or disadvantages with either of those. I would say an individual trustee is likely to have a more personal understanding of your wishes and family dynamics.

00:00:36 – 00:01:00

But the caveat to that is an individual may also feel overwhelmed in that position. Personal relationships can lead to disagreements or other conflicts of interest. On the other hand, a corporate trustee, they operate more at arm’s length. They also offer professional expertise and can provide objective decision making. Just like to point out, though, that a corporate trustee tends to cost more than an individual trustee.

This transcript was auto-populated.