Many Georgia residents are currently considering executing their first initial estate plans. The process is highly customizable, so there’s no one way to go about it. Within a typical estate plan, there are usually several types of documents, one of which may include designation of a trustee.
Being named a trustee in someone’s estate plan is a serious duty. Estate owners are wise to think clearly and assess all options thoroughly before choosing a particular trustee. Some estate owners designate individuals to carry out their trust instructions after they die. Others would rather rely on corporate bodies, such as banks.
There are several possible reasons an estate owner would choose a corporate trustee over a sole individual. The average individual may not have the experience necessary to understand and address various tax implications or administrative responsibilities associated with a trust. Also, by choosing a particular family member, for instance, an estate owner may unwittingly be setting the stage for familial disputes down the line.
Some trusts close after assets are distributed to beneficiaries upon the estate owners’ deaths. However, some estate owners set up trusts, intending them to be kept open and operating after they die, such as in cases where property is being held in trust for children who are still minors. No matter what goals a particular Georgia estate owner might have regarding a potential trustee, it’s always a good idea to discuss one’s plans with an experienced estate planning and administration attorney before setting up a definite plan.
Source: bizwest.com, “To Trustee or not to Trustee“, Accessed on Dec. 4, 2017
Kevin Tharpe
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