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Trusting the trustee

Sometime people leave assets to their loved ones in the form of a trust. Trusts can be used for various different reasons and can generally allow for more specific handling of a person's assets. One part of a trusts calls for a trustee. This is a person that will manage the trust and make sure a person's last wishes are carried out. Typically this is a close friend or family member that a person trusts to follow their wishes.

People with a lot of assets and even those who don't have large estates can use trusts. However, many times when more money is involved in a trust, the ability to trust a family member or deter others from questioning the trust is more difficult. When a person isn't sure that they can trust a person to use the money or assets in a trust as specified, a person might chose to have a company manage the trust for them.

These companies can charge fees which might vary. However, depending on a person's unique situation, this might be an option to explore instead of having family or friends manage the trust. Although trust might seem complex, they can help accomplish very specific goals.

Speaking with an experienced estate planning attorney can help a person plan their estate and choose appropriate trustees. By setting up a proper estate plan with a trust run by the right trustees, people can gain piece of mind knowing that their wishes will be carried out.

Source: The Wall Street Journal, "A Matter of Trust," Jeanine Skowronski, Sept. 10, 2012

-Trusts can be complex legal documents. To learn more, please visit our trusts page.

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