Whether you have discussed how a trust can enhance your estate planning, are contemplating, or simply have questions, our attorneys could help you choose the best option for your needs. You may already know who you want to name as beneficiaries and have identified assets you want to deposit into a trust. However, the most important decision when adopting a trust is establishing a trustee.
A trustee is the person who manages the trust during your lifetime and distributes the assets after your death. You want someone who will follow your wishes and work in the best interests of your beneficiaries. To discuss establishing trustees in San Antonio, call Begum Peláez-Prada PLLC today.
A fiduciary is someone in a position of authority who owes a duty of care and loyalty to another. They accept legal responsibility to act in the best interest of others—in this case, beneficiaries—when named as trustees for trusts or executors of wills.
Trustees must avoid conflicts of interest. They have control of assets but put beneficiaries’ interests above their own, for instance, by resisting self-dealing. Trustees can be individuals or institutions.
Trustees have a solemn duty to:
The attorneys at Begum Peláez-Prada PLLC consider the broad picture when assessing your estate planning needs. Every detail counts when it comes to providing for family, friends, and charities that mean something to you. Our San Antonio attorneys could help guide you through the process of establishing trustees.
As the name implies, individual trustees are those who the grantor trusts—usually family members or close friends. When selecting a trustee in San Antonio, grantors must consider the huge responsibility the trustee will carry after they pass.
Grantors should be certain that the chosen person is financially responsible. Trustees should want to serve in the role and must be available when the time comes. Factors such as age, where a trustee lives, and their health should also be considered.
In San Antonio, grantors can enlist an institutional trustee to manage their assets. These can include banks, trust companies, and legal professionals like ours who specialize in estate planning. Organizations are more likely to be available over longer periods of time and offer financial expertise that an individual may not possess.
You can also designate an institution and individual as co-trustees to ensure that expertise is combined with the personal management of someone who knows and cares about you. You should also consider naming a successor trustee if your first choice cannot serve at any point.
Trustees are crucial when adopting a successful revocable or irrevocable trust to benefit your loved ones. Our seasoned lawyers could help. Managing partner Sasha Begum has devoted almost 20 years to helping clients in their business and estate planning endeavors.
When establishing trustees in San Antonio, contact Begum Peláez-Prada PLLC today.
