Trusts are a vital part of estate plans, and one of the most important decisions in setting up a trust is picking a trustee to manage it. Wealth management and protection expert Puai Wichman notes that as the person responsible for administering your assets, a trustee will wield significant power over your future and that of your beneficiaries. For this reason, it’s essential to know what responsibilities and expectations come with being a trustee before appointing one. Ttrustee must follow your wishes, act in good faith, and make sound financial decisions.
Estate planning encompasses a wide range of tasks, from the legacy of assets to heirs to the settlement of estate taxes and debts. It also includes important considerations like the guardianship of minors and even pets.
Estate planning involves putting legal documents and strategies in place that ensure an individual’s assets and minor children (if any) are taken care of properly after death. Puai Wichman explains some common estate planning tasks include creating a will, setting up trusts to limit estate taxes, making charitable donations, naming an executor or trustee, and setting up funeral arrangements.
Choosing a trustee is one of the most important decisions you will make when creating a trust. This person will be responsible for carrying out your wishes as outlined in the trust document and managing the trust’s assets in accordance with investment objectives. In addition to these duties, the trustee may also distribute funds to beneficiaries, handle tax matters, and provide statements to beneficiaries. If needed, your trustee may also hire an accountant or attorney to assist with managing the trust’s assets. With the help of an experienced financial advisor, your trustee can navigate the complexities of trust management and provide peace of mind for you and your beneficiaries.
With Pacific Offshore Trusts, your trustee will play an important role in acting in the best interests of the beneficiaries while managing assets prudently. The trustee’s responsibilities are vast and include tasks such as managing trust assets, making distributions to beneficiaries, filing tax returns, and keeping accurate records.
Puai Wichman is the founder and CEO of Ora Partners, an international trust provider and wealth management firm dedicated to helping families and individuals protect personal and corporate wealth.