Who Should Handle Your Assets After Death? Professional or an Amateur?
M ost people like to start with considering friends and family members as trustees. They are going to be most familiar with you and your family, and they will understand your family’s dynamics. In addition, family members often do not charge a trustee fee (although they are usually entitled to take a fee). Cost conscious clients see this as a plus, but it may not be the best decision in the long run. Most individuals don't have experience on what is involved with being a trustee. Thus, they have to learn on the job and perhaps by trial and error. Unfortunately, that learning process is done at the expense of your assets and your beneficiaries. Having a family member or friend serve could lead to resentment if the family member does or does not take a fee. Being a trustee can be a lot of work and time intensive. For example, your brother may resent not getting paid for his services while overseeing trust assets for your children. Your kids may not appreciate the work that is...