One way to consider providing for your family after you pass away is to create a trust. A trust provides benefits for your beneficiaries, and it allows you to manage your money as long as you're able to. However, you'll need to set up the right kind of trust for your needs, especially if you want to maintain control of your money. Talking with a trust adviser is important so you choose the right type of trust and set it up properly. For instance, one thing you need to do is name a successor trustee.
Here, learn why setting up a trust for your estate could be a good idea and why you need a successor trustee.
The Benefits of Creating a Trust
If a trust is right for your estate, then your heirs will benefit because they can avoid probate. Plus, the details of your wishes can remain private when your estate is distributed through a trust. You can set up a trust to make monthly payments for the life of your heirs or you can use it to distribute your assets. A trust might even provide some protection for your heirs by watching over a beneficiary that has special needs and by offering protection against lawsuits and divorces. However, it's essential to set the trust up correctly when you want the best chance to protect your legacy against divorces and creditors.
The Reason You Need a Successor Trustee
By naming a successor trustee, there will be someone ready to take over when you're unable to manage your trust temporarily or permanently. This ensures taxes are prepared and filed, investments are handled, and distributions are made according to your wishes. If you have an illness or accident that leaves you temporarily unable to manage the trust, once you have recovered, the successor trustee steps down and you resume control of your money.
If you become mentally or physically incapacitated permanently, the job of the successor expands to include looking after your care as well as controlling the estate. Then, when you pass away, the successor continues to control your trust and distributes your assets according to your desires until the trust expires.
Since your trust could last for generations, it's a good option to use a firm that offers successor trust services. Plus, a corporate successor will be impartial when dealing with all of your beneficiaries so you have peace of mind that all your heirs are treated fairly and your estate investments and payments will be handled by professionals. Learn more by contacting services such as Pendleton Square Trust.