If you don’t know how an estate plan works, you call an estate planning attorney. Not only will they help you in the creation of an estate plan, but they’ll work with you and members of your family to clarify your wishes about health care decisions, what kind of a legacy you want to leave and asset distribution.
The Pasadena Journal’s recent article, “Who Can You Trust to Reduce Stress of Estate Planning?” suggests that a trust company could be part of a team of professionals, who coordinate your financial assets and make sure that they are aligned with your estate plan.
If you have a reasonable amount of ﬁnancial assets, you may beneﬁt from the various services provided by a trust organization. Those services can range from administration of a variety of trusts (such as living trusts and charitable trusts) to asset-management services (bill-paying), and safekeeping services (like providing secure vaults for jewelry and collectibles).
Employing a trust company can make things much easier, when it’s time to plan and execute your estate. A trust company can help you in these ways:
- Lessening family fighting. Dividing estate assets can result in ill will and stress in a family. However, a trust company can act as a neutral third party to reduce feelings of unfairness.
- Providing greater control. With a living trust that’s administered by the trust company, you can allow yourself great control over how you want your assets distributed.
- Saving time and energy. With a trust company, you can let them do all the “legwork” of coordinating your plans with your ﬁnancial professional, tax advisor and attorney. These professionals are also used to dealing with trust companies.
- Adding protection. Trust companies assume fiduciary responsibility for your ﬁnancial well-being. This means that your best interests are always considered in each service and transaction they perform.
You can select from among many different trust companies, but before choosing one, examine the services and fees of a few different ﬁrms.
Having a team of professionals working together on your behalf that includes an estate planning attorney, a financial professional and a CPA, can make estate planning a more comprehensive process.
Reference: The Pasadena Journal (February 20, 2019) “Who Can You Trust to Reduce Stress of Estate Planning?”