If you are placing some or all of your assets in a trust, selecting the right trustee to manage this legal structure for your beneficiaries will be one of the essential steps in estate planning. A trustee will be the personal or financial institution you select to be legally responsible for managing the property held in the trust.
Cross Law Group can work alongside you during the process of establishing trustees in Reno, as well as guide you through forming other facets of your estate plan. A skilled trusts lawyer can provide invaluable legal counsel to ensure that your estate plan structure upholds your goals and long-term wishes for your loved ones.
A trust is a legal vehicle that allows a person to determine how and when assets will be distributed to be beneficiaries. Trusts are commonly used to reduce taxes and protect assets from probate, but these legal structures can have many other benefits including providing money for future generations and protecting your assets. A trust can be used to contain a wide range of assets, including bank accounts, vehicles, titled personal property, investment assets, real estate, and more.
The person who creates the trust is called the grantor, while the individual or entity they designate to manage trust assets for the benefit of beneficiaries is known as the trustee. However, the grantor often acts as the trustee until they are no longer able to fill that role due to incapacitation or death. It is vital to then select a successor trustee to manage the trust assets in the future.
In situations where you create a trust but designate someone else as trustee, you should also name a successor trustee to act in their place if your chosen trustee is unable to fulfill their duties. Whether you plan to act as trustee, are choosing someone else as your trustee, and/or are establishing a successor trustee in Reno, it is important to be aware of their numerous obligations.
When establishing a trustee in Reno, it is important to select an individual or entity that can live up to the vital responsibilities of this role. These responsibilities include:
Trustees can be private individuals, attorneys, or even corporate entities in some cases. A person whom you choose to act as your trustee should be organized, detail-oriented, honest, and dependable. You should also consider the temperament and financial acumen of any individual you select for this role.
When establishing trustees in Reno, it is important to select parties who are capable of meeting the demands of this role. There may be multiple factors to consider throughout this process whether your chosen trustee is a corporate entity, loved one, or other financial professional.
If you have questions or concerns about selecting a trustee, our estate planning attorneys can evaluate your situation and help you make these fundamental decisions about your estate plan. Contact us today to schedule your free consultation and speak one-on-one with Cross Law Group about establishing trustees.
