While transferring trust property from the Trustees to the Beneficiaries of a Trust, there are certain things that can be done to accomplish your goals. When selecting the Trustees, one thing has to be made sure of: the individuals who you are choosing to be your Trustees actually have the knowledge that they have been selected, access to the trust property and an understanding of how to manage that property.
Sometimes the Settlor of a trust would desire joint trustees. For instance, a joint living trust will enable the spouse along with the Trustees to have full control over the property but in the event of the Settlor Spouse’s or any Trustee’s death, the surviving spouse is regarded to be the sole Trustee of the trust property. In situations like this, the ownership of the property as well as the fiduciary of the trust is never vacant. In the case of a simultaneous death of both spouse, leaving minor children to care for, The remaining Trustee will take legal ownership of the trust property and use that property for the minor’s benefit until they reach the age of majority.
Making a hasty decision with regard to naming a Trustee is a risky endeavor. Misuse and mismanagement of the trust property happens frequently when the named Trustee is not the best and most logical choice.
As there is no such legal scrutiny, it is very important that the husband and wife or the settlor choose such people who are highly capable of dealing with the settlor’s financial affairs and are familiar with the property. In some situations, a corporate trustee, such as a bank, is an excellent choice. There is certain specialized departments in almost all banks and/or financial institutions that have employees trained to deal with the administrative issues necessary for managing trust property.
At times, corporate trustees may be appointed alongside an adult child or surviving spouse due to the fact that the individual may have no experience in the field of wealth and property management. This way they can get professional service along with impartial decisions made for their own benefit.
It is in your best interest to select a trustee with the help of legal counsel. The Law Offices of Dennis J DiSabato Jr. can provide the guidance you need to make a wise ad lasting decision. Call us today to schedule a time to meet and discuss your final wishes.
The Law Office of Dennis J. DiSabato, Jr., LLC
3888 Renee Drive, Suite 201
Myrtle Beach, SC 29579