What Are The Advantages and Disadvantages of Selecting a Corporate Successor Trustee?

Trust companies or bank trust departments have substantial expertise in serving as trustees, are highly regulated by state and federal agencies, provide professional financial management and have the financial resources to pay for costly mistakes. The disadvantages, as with other professionals, include their higher fees, their lack of knowledge of the Trustmaker’s family and the fact that they are often seen as uncaring and dispassionate. Including instructions in the trust that permit the trustee to be replace if appropriate can mitigate some of these disadvantages.