Choosing a Fiduciary: Who Should Be Named Trustee?

Many individuals assume when they come to meet with you that they will name one of their children or a sibling as the fiduciary of their will or trust. While doing this often makes sense, there may be times when that isn't the best option. 

When should your client consider naming a corporate fiduciary? 
 
The size and complexity of the estate, family dynamics, managing all the responsibilities that come with overseeing a will or trust can take a great deal of time, knowledge and communication skills that not everyone readily possesses. When the trust or estate becomes complex, it may be time to consider a corporate fiduciary. 

A corporate fiduciary has the time, temperament and talent to quickly and efficiently settle and administer trusts and estates. The benefits of using a professional fiduciary like ATG Trust Company include: 

• Competence: ATG Trust has the capabilities and resources to manage investments and complex wealth transfer structures. 
• Control: Corporate fiduciaries are subject to regulatory agencies and internal auditing, which ensures quality and consistency. 
• Continuity: We can oversee a trust for generations. A corporate fiduciary isn't going anywhere. 
• Conflict Management: This might be the most important thing to consider. A professional fiduciary is objective and impartial where beneficiaries have conflicting interests. By choosing a corporate fiduciary, the family is able to remain family and not have to make decisions that may strain relationships. 

To help you start the discussion with your clients, we offer overviews of the duties of a trustee and executor.  If you have a situation in which a corporate fiduciary might make sense, we are always happy to talk with you and your clients.

Contact Kathryn Van Eeuwen today with questions about your client's estate plan.