A trustee is an individual who manages assets titled to a trust. They assume fiduciary responsibility for managing those assets as directed by the Trust document. This appointment can be made by naming a person/business in your estate planning documents or it can be made through the probate court. A trustee provides trust administration and distribution of assets to beneficiaries.
Many individuals who create trusts name themselves as trustees, because it allows them to have full control of the trust while they’re living. However, a successor trustee must also be named for when the owner of the trust is deceased or incapacitated and no longer able to act as Trustee. This allows the management of the trust’s assets to continue undisturbed.
Selecting the right person for the responsibility of trustee takes careful consideration. Trusts are a wonderful wealth-management tools used by many Northwest Michigan families. They can transfer assets from one generation to the next, yet are complicated and challenging to navigate without an expert. Because a trustee has control over important assets you should choose someone with sound financial wisdom and a legal obligation to act in your best interest.
When looking for a professional solution, many turn to banks, trust companies, or private firms. Because we are a smaller corporation we can provide professional, personal, and affordable services for Northwest Michigan families.