There are a few reasons why you may want to consult with a trustee. These are people who handle other’s assets for numerous reasons. You may need a trustee if you have questions about investments, estate planning, beneficiaries, charitable giving, and so much more. A trustee will have a list of duties to carry out as described by law, and should always have the best interests of the trustor at heart.
A trustee is a professional who administers and holds property rights for the betterment of another. Property can be anything of value, such as investments, vehicles, buildings, intellectual property, and money. The trustor grants the trustee property rights through signing a legal title. You can say that the trustee acts as a stand-in for an individual, and has legal approval to make decisions on the trustor’s behalf. Examples of the different kinds of trustees include:
Successor Trustees
These trustees take over matters when the trustor passes away or becomes incapacitated. A person who creates a trust is considered the first trustee, and the successor trustee is the second.
Bankruptcy Trustees
Those who oversee and administer a business or individual bankruptcy process are called a bankruptcy trustee. They often take over asset control at the point of administration, prior to the bankruptcy being discharged.
Investment Trustees
Trustees that make decisions on a daily basis regarding investments, business accounts, or a personal portfolio are considered investment trustees.
A trustee has a pivotal role when it comes to someone’s estate. It’s important that a trustee is chosen who will act with a moral compass, and have the trustor creator’s wellbeing in mind at all times.
