Benefits of a Corporate Trustee

Life is not a dress rehearsal, which is why protecting the wealth you have accumulated over your lifetime should not be left to chance.Asking a friend to be your trustee is like asking a friend to perform open heart surgery on you. Sure, he or she could do it, but you probably will not like the outcome.Having a friend or family member designated as your trustee after you die can be more of a burden than a privilege. It is a time consuming and onerous responsibility. The average person does not understand their fiduciary responsibility, personal liability, legal requirements, and time commitment. A non-professional trustee can become overwhelmed by the legal minefields which can lead to unintentional and costly mistakes, for which they are personally liable. The way to solve this problem is to bring in a corporate trustee. The corporate trustee will help to protect your assets and make life a lot easier for your friend or family member.

What is a Corporate Trustee?

A corporate trustee is there to protect your beneficiaries, maneuver the legal maze, verify that distributions follow your request and intentions, and most of all allow you to keep your team in place, such as your CPA, financial professional, and attorney. They also help to remove potential financial strife between family members because the trustee is independent and required to follow your wishes and document all financial transactions.

The Benefits of Having a Corporate Trustee?

A corporate trustee may be one of the best financial decisions you could make for protecting your financial wishes and having the confidence that the wealth you have built over your lifetime will continue to benefit your spouse, partner, children, and grandchildren by protecting and distributing your assets in the manner you have requested in your will and trust.Best of all, it is very easy to add a corporate trustee to your trust document. There is no cost to designate a corporate trustee in your trust. The only time they charge a fee is when they step in to act as a trustee or co-trustee (at death or incapacity). There could be an added tax benefit when the trustee is located in a state that offers a more favorable income tax treatment.

Name Premier Trust As Your Successor Trustee

Naming a corporate trustee, such as Premier Trust, ensures a client's wishes are followed as stated in the trust document. Contact your attorney to include the following items in the trust document:

• "Premier Trust, Inc., A Nevada Chartered Trust Company" as your successor trustee.
• A situs changing provision. Premier Trust, as a Nevada chartered trust company, must have the ability to move the situs of administration to Nevada.