If you are setting up a trust, a key decision is who the right trustee is for your assets and goals. This article is part 2 of a two-part examination about the pros and cons of a family member as trustee and will focus on the advantages of a family member trustee. Each family is different, so this article will review general ideas, but you should consult an experienced estate planning attorney, such as the Law Office of David Knecht, to discuss your specific family, circumstances and estate planning goals.
Advantages of Family Member Trustee
- Cost savings.
Professional trustee fees can be expensive if a family member is willing to act as trustee for free.
- Family knowledge.
Having a deep understanding of the family, the personalities, the relationship and the history can be an advantage to a trustee to potentially be able to anticipate problems and foresee challenges to the trust administration.
- Confidence.
A person doing estate planning may have more confidence in a family member than a professional trustee. Some people feel worried that a professional may not have the empathy for their family or understanding that someone on the inside would have.
Contact an Experienced Estate Planning Firm
If you are considering setting up a trust with a family member as trustee, you may need advice about the pros and cons of the trustee you want. Regardless of your estate planning objectives, an experienced estate planning firm can help you analyze and evaluate your choices. At the Law Office of David Knecht, we want to help you achieve your estate planning goals. Contact us at 707-451-4502.
