In this Elder Law Minute, Crystal Post explains why naming a third party fiduciary as trustee ensures expert, unbiased trust management.
Video Transcript:
Hi, I’m Crystal Post. I’m the new Junior Associate at Dent Coulson Elder Law. I’m really hoping that these Elder Law Minutes provide some insight and understanding to complex issues that everyday people face in the estate planning journey. I’m going to take a minute to explain the importance of naming a third-party fiduciary as the trustee of your irrevocable trust.
Many people automatically choose a family member for this role, but do not understand that managing this type of trust requires expertise. Naming a professional fiduciary, like a trust company or a bank, can leave the time-consuming and often stressful burden on professionals that remain objective and without emotion in making these financial decisions. They are trained to understand the statutory requirements and tax obligations.
By naming a third-party trustee, you can ensure that the benefits of your trust are maximized.
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Thank you for watching our Elder Law Minute. If you need help with powers of attorney or any other estate planning needs, please call Dent Coulson Elder Law.
Also looking for information about Medicaid and Asset Preservation? Visit these articles:
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Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.
