When a New York resident decides to create a trust, one of the most important decisions they must make is who will serve as trust administrator. It is crucial to think about this decision carefully before making the decision. After all, this person will be responsible for your assets and, in a way, the people you hold most dear. Making this decision can be challenging, but the good news is that New Yorkers have a few options to choose from
Family member or close family friend: This option has grown in popularity in recent years. Many trusts contain personal elements and the creator may wish to keep these elements within his or her private circle. Many times, this choice works out quite well, but occasionally, family drama and other circumstances can turn the situation sour.
Professional trustees: Yes, it is true, there is such a thing as a professional trustee. Sometimes, the professional trustee works in an agency. Other times the trustee may be a bank employee. This option gives you the benefit of objectivity in terms of managing your finances, but it can be costly.
Attorney trustees: Choosing an attorney to administer your trust comes with many benefits. An attorney will always protect you and your estate’s interests no matter what. An attorney serving as trust administrator can also field questions and concerns from your heirs. Finally, with only your interests at the heart of the matter, an attorney can help you plan your trust as well as administrate it.
Trusts have grown to become one of the most useful and important estate planning tools. Since you have put so much thought into your trust’s contents, it makes sense to address its administration just as carefully. If you need help with your New York trust, look for solutions on our firm’s website.