Professionals may make the best trustees

Individuals in North Carolina who have a high net worth may want to consider creating a trust. Doing so can make it easier to transfer large sums of money in an orderly fashion after passing. However, it is important that an individual choose the right trustee to oversee this document. In most cases, a child or spouse is not going to be the right person for the job.

This is because a child may not have the skills or interest in taking on such a role. Furthermore, it could result in disputes between siblings or other beneficiaries within the family. A spouse may not be the best person to act as a trustee because there is a chance that he or she could get remarried. That may result in changes to the trust that the deceased individual may not have approved of.

A spouse may be vulnerable to undue influence from a child or other family members. This may be especially true if one child lives nearby while the other lives far away. To avoid family drama or other potential pitfalls, it may be best to simply have a professional oversee a trust. Doing so could be ideal from a liability standpoint, and the family would still have some control over the trust.

Developing a trust is part of the estate planning process that an attorney may help with. They attorney may describe the various trust options available and how to craft a document that fits a person's needs. In some cases, a trust may be used alongside a will and other documents to create a thorough estate plan. Trusts might be preferable to wills because the trust's terms take effect as soon as they are created.

No Comments

Leave a comment
Comment Information
Email Us For a Response
Orsbon & Fenninger, LLP - Estate Planning

Talk With Us: Schedule A Consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

Orsbon & Fenninger, LLP
4201 Congress St.
Suite 110
Charlotte, NC 28209

Toll Free: 888-314-8134
Phone: 704-900-3883
Fax: 704-556-9601
Charlotte Law Office Map

Office Hours: Monday : 8:30am–5pm Tuesday : 8:30am–5pm Wednesday : 8:30am–5pm Thursday : 8:30am–5pm Friday : 8:30am–5pm