Understanding Corporate Trustees

7 Reasons To Have A Professional Help You Build, Manage and Protect Your Wealth

Estate Planning > FAQ Topics > Corporate Trustees FAQs
 
<-- Previous
 
Next -->
 

12. Are there any disadvantages to using a corporate trustee?

Because they must objectively follow the instructions for the trusts they manage, some beneficiaries (especially those who want the money now instead of when the trust states) have found them to be uncooperative.

But that may be exactly what you want. One reason why many trusts are set up, and a corporate trustee chosen, is to keep a beneficiary from getting the money until Mom and Dad (or whoever set up the trust) intended.

However, if you are concerned about a corporate trustee being too "impersonal," you can always name a family member or close friend to act with them as co-trustee.

 

©1989-2008 by Schumacher Publishing, Inc.