Because there are many options for estate planning, New York residents may want to ensure that they give these various tools their due consideration. For instance, some parties may find that trusts could greatly help their plans in numerous ways. Of course, after deciding on a trust, individuals also need to make additional decisions, such as who should be named as trustee.
Choosing the right trustee can be as important of a decision as choosing the right trust. The trustee will be the individual who ensures that the terms of the trust are carried out properly. Trustees have a considerable amount of power due to controlling the assets in the trust, and because of that, individuals will certainly want to choose someone responsible and trustworthy.
On the other hand, it may not be fitting to name an individual to act as a trustee. In such cases, parties may choose to go a different route by naming an entity, such as a bank or trust company, to take on the role of corporate trustee. These trustees typically have the knowledge and expertise to understand asset protection and long-term needs. Of course, a corporate trustee may not provide the same personal attention as an individual trustee.
In order for New York residents to understand what types of trusts could work for their needs and what they should consider when naming trustees, they may want to gain reliable information on their options. Utilizing local legal resources could help them explore the various trust avenues as well as other estate planning tools for asset protection. If desired, parties could also enlist the help of experienced attorneys.
Source: kiplinger.com, “What Type of Trust Solution is Best for You?“, Casey Robinson, April 30, 2018