Important Points To Consider When Choosing A Professional Trustee
Important Points To Consider When Choosing A Professional Trustee
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When you entrust your assets to a professional trustee, the institution you select assumes responsibility for carrying out the personal wishes you have documented. These include the administration of your trust, and, in many cases, investment management of your assets. As these are important obligations, placing your financial assets in the care of a professional trustee is a choice that must be made carefully.
Trust services offered by professional trustees may seem similar at first glance; however, there may be considerable differences in the level of services and investment results delivered. What should you look for when evaluating a professional trustee? The following questions may help you with your efforts:
1. With whom do you have a relationship on your trust account?
A personal representative with whom you have a long-standing relationship should be a strong consideration when selecting a trustee. Access to an experienced trust officer, assigned specifically to your personal trust, is key to a successful trust relationship. With a competent, knowledgeable trustee working for your trust, you can be certain that your instructions will be carefully and fully followed.
2. How well do you know your trust officer? Has there been continuity in the trust officer assigned to your trust?
An uninterrupted relationship with your trust representative is vital. An inexperienced trustee, or one unfamiliar with your account, could seriously jeopardize the protection you have built into your trust and, possibly, the future well being of your family. Continuity of service can provide you with the comfort level you should have in your relationship with your trust representative.
Read more articles The Living Trust Dilemma The Very Best Financial Advisors to Manage Your Wealth Asset Protection and Tax-Free Investments for the Moderately Wealthy Types of Trusts3. Is your trustee responsive to your needs and do they provide a high level of service?
Your personal trust, like any aspect of your financial plan, should be reviewed on a regular basis. Your trust representative must take the time to understand the needs and goals of individuals (both current and future) mentioned in the trust, while being responsive to the objectives expressed in the trust. It also means providing direction and assistance to develop investment strategies that work best for your trust as part of your overall financial plan.
4. What level of investment management do you receive on your trust?
The preservation and continued growth of trust assets is an important element of your trust. Delivering competitive performance results require the service of dedicated portfolio managers who are committed to delivering consistent investment results.
Your professional trustee should have a relationship with several experienced investment managers who will focus their resources on managing the assets in your trust. The level of experience and commitment will be reflected in the performance delivered.
5. What investment alternatives are offered on your trust?
More than one investment discipline should be available to your trustee. Some professional trustees do not offer customized portfolio management at certain asset levels. Other professional trustees offer clients a choice between only one or two investment selections. Having access to different investment management styles enhances the ability of a staff of professionals to develop a customized investment strategy for your trust. Your trustee should have the benefit of choosing assets across a wide range of investment classes according to the financial goals and requirements of your particular trust.
6. How does the total fee charged on your trust compare to others in the industry?
Hidden trustee fees can deplete your trust’s assets. Some trustees may, on the surface, appear to charge a low-priced fee. After adding a setup fee, administration fee, trust tax return fee, commissions on trades and the like, what may seem like a low fee may turn out to be a lot higher than expected. A competitive, all-inclusive fee schedule eliminates the complexity of item-by-item charges.
You have every right to expect as much from your corporate trustee as you do from other investment professionals. When you appoint a trust institution as trustee, you enlist the services of seasoned professionals who should devote their full attention to your personal needs, goals and wishes.
Experience and reputation should be the focus of any service decision. Choose your professional trustee with care.
Joseph Hollak – About the Author:
Joseph Hollak spent nine years as a financial consultant to high net worth individuals and non-profit organizations.
Currently he is a Realtor in Central California specializing in working with real estate investors and first-time home buyers.
He can be reached at http://josephhollak.com.
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