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Considerations when choosing a corporate trustee in Florida

Many people in Florida and around the country understand the significant advantages of putting assets into a trust. Part of that process will include appointing a trustee to oversee the wealth and property held in the trust. While some choose an individual such as a spouse or friend, others opt for a corporate trustee.

According to EstatePlanning.com, a corporate trustee can be either a trust company or a bank trust department with employees who will help the owner of a trust to build and protect wealth. Taking this approach rather than appointing an individual can have several advantages, including the following: 

  •        A corporate trustee enables seamless coverage, whereas an individual could move away, pass away or grow apart from the trust owner.
  •        Corporate trustees deal with investments, tax breaks and other estate planning strategies on a daily basis.
  •        Opting for a corporate trustee could mean avoiding the personal bias that appointing a family member or friend could bring.

Financial Advisor magazine points out that corporate entities are especially helpful for large and complex matters. However, as the magazine notes, many people prefer that trust administration has a personal touch, which a corporate trustee may lack. Knowing an individual’s circumstances and habits can be advantageous when handling investments. Additionally, there are fees associated with using professional trustees. Anyone considering this option should weigh the benefits of taking on the additional cost.

Lastly, it is vital that people looking for a professional trustee examine the responsiveness of the company. Reading reviews or going on referrals is a good way to ensure that a trust owner is working with a reliable company.

Using a corporate trustee can be extremely helpful and even help people avoid headaches, but only when the right entity is selected.

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