What are the advantages and disadvantages of having a trustee?

What are the advantages and disadvantages of having a trustee?

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Madison
Assistant at Parklin Law

Working with a trustee, who is an independent party who oversees the financial aspects of your life, can provide a lot of benefits. For example, you get the benefit of professional guidance from someone without any personal ties to you or the people you need to be involved with finances. The trustee will act as the contact point for any will or trust that you have, and can make sure that your wishes are carried out. Having a trustee takes some of the burden off of any one person who might be managing your money, so it's possible that your expenses could actually go down since there's not as much work for anyone to do.

When you're thinking about financial matters, one of the first things to consider is whether or not you should have a trustee. A trustee can be a good choice if you're looking to ensure your wishes are respected when you pass away, and it's important to know what that entails.

Having a trustee can also protect your assets from creditors, as well as from potential lawsuits. This can be especially useful for people who own their own business, as they could potentially lose their business if they are sued in court and found liable. But with that said, it's important to recognize the disadvantages of having an appointed trustee.

Some disadvantages to having a trustee. For one thing, it might be inconvenient if you're trying to deal with other parts of your life while also taking care of money matters. Another disadvantage is that if someone in your family needs to step in and take over when the trustee steps down or dies, then it can cause problems in family relationships. It's also possible that the trustee could end up spending more than they should in some cases, if they aren't careful.

If you have any questions or in need a Trust Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.

We help you with Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More

Parklin Law - Estate Planning

5772 W 8030 S, # N206

West Jordan UT 84081

(801) 618-0699

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Parklin Law
Estate Planning Attorney in West Jordan
https://parkin-law.business.site/

40.605070, -112.027530

Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

Location: Clearfield, UT, USA

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