What Are the Advantages and Disadvantages of Selecting an Attorney, CPA or Financial Advisor as Successor Trustee?
Professional advisors generally have expertise in finances and knowledge of the legal requirements of trust management. They also usually carry professional liability insurance that financially protects your beneficiaries if mismanagement of trust assets occurs. What professional trustees possess in financial and legal expertise they lack in knowledge of the Trustmaker’s family and goals. Also with their professional skills come higher fees. However, a professional’s fees are often more than compensated for by their ability to obtain for beneficiaries a better return on trust investments.