What are the advantages and disadvantages of selecting an attorney, CPA, or financial advisor as Successor Trustee?
Professional advisers, such as attorneys, CPAs, or financial advisers 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 and, with their professional skills come higher fees. Even so, higher fees should not necessarily be a determining factor in choosing a trustee. A professional’s fees are often more than compensated for by their ability to obtain for beneficiaries a better return on trust investments.