Nevada residents who create trusts to protect assets for the future or for heirs often choose someone in the family as the trustee. Though it makes sense to select a person you know well and trust to manage issues if you are incapable of doing so or have passed away, there are detriments to selecting a close family member or friend.
Individuals who are close to the situation may have emotional ties that make it hard for them to recognize the best course of action or follow through with decisions. In some cases, those emotional ties may even tempt the individual to go against wishes you expressed when you set up the trust.
Even if the individual selected is not encumbered by emotional obstacles, he or she may not be fully experienced in dealing with such complex legal and financial matters. Making decisions regarding an estate or trust today can have consequences in the future; this is especially true if the trust is large or is related to business holdings.
One way to ensure that your wishes are followed in an impartial, professional manner is to name a professional as the trustee for an estate or trust. Someone with both legal and financial training can safeguard your assets by working closely with all parties involved to seek legal solutions to any situation that arises.
From setting up a valid Nevada trust that protects assets from things such as creditors and taxes to distributing funds in a way that keeps with your wishes, a professional trustee offers a solid platform in what can seem like the rough waters of the probate experience. You can even opt to have the professional trustee work with a family member or friend, gaining the best of both worlds.
Source: Cassady Law Offices PC, “Las Vegas Attorney Providing Valuable Trustee Services” Sep. 04, 2014