The Benefits of Using a Professional Executor or Trustee
As part of an estate plan, you are allowed to appoint a person or entity to serve as an executor or trustee. In many cases, a trusted family member or friend is called upon to fulfill this role. However, that person may not want to do so or may not be qualified to do so. Therefore, it may be best to hire a professional who can oversee an estate or help whoever else was appointed to do so.
Feel Free to Appoint a Professional to Serve Alongside Another Person
In some cases, it makes sense to appoint a professional to the role of trustee or executor alongside your friend, adult child or spouse. This may be true if you have a large net worth that could be difficult for a single person to manage on his or her own. It may also be worthwhile to appoint multiple trustees if you have more than one trust.
Professionals Will Act in a Fiduciary Capacity
Perhaps one of the best reasons to hire a bank or financial institution to act as an executor or trustee is because it will act in a fiduciary role. This means that it has to act in your best interest or the best interest of surviving beneficiaries. Ultimately, there is less risk of a sibling, child or anyone else being denied an inheritance for no good reason.
Choose Whoever You Trust to Carry Out Your Wishes
Ideally, you will choose whoever is best suited to oversee your estate whether it’s a person or an entity. A probate attorney in Las Vegas can generally help whoever is appointed to represent your estate to ensure that it is settled properly and in a timely manner.