10 Dec How To Choose A Corporate Trustee
Take a look at these useful points.
A corporate trustee is responsible for administering the trust. He makes financial decisions that affect the assets held by the trust. As trustee, he is responsible for managing your trust assets as per your instructions.
What else should you keep in mind? It is also important to note that the trustee must be able to put the beneficiary’s interests first. This is vital.
By selecting this trustee over a family member, conflicts of interest are avoided. This is quite beneficial for you to keep in mind.
Here are some more points to keep in mind.
- Corporate trustees are objective. They have to be objective, in contrast to family members who may not be objective. It may not be a good idea for you to choose a family member when it comes to administering your trust.
- The person you choose is going to be managing your financial affairs now and/or when you cannot manage them yourself.
- The person you choose has to have integrity.
These are useful tips for you to take into consideration.
Here are some more tips to keep in mind:
- You should think about interviewing many corporate trustees before you go and choose one to administer your trust.
- Meet with the person that makes you feel the most comfortable.
- Ask the person any questions you may have.
- Select someone you can trust to administer your trust.
When it comes to selecting someone to administer your trust, you need to ensure that you select the right person. This is crucial. Make sure that you select a trusted trustee to administer your trust.
DR MERVIN MESSIAS
JD (Juris Doctor) / BA, LLB (Wits) / TEP (Trust & Estate Practitioner) / MTP (Master Tax Practitioner – S.A)