Professional Trustee For Special Needs Trust
Description
How to fill out Special Needs Irrevocable Trust Agreement For Benefit Of Disabled Child Of Trustor?
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FAQ
It is always advisable to have an independent professional Trustee serve as the sole trustee. An independent trustee can be objective and usually has skills, such as investment, accounting, tax and public benefits expertise, that family members lack.
Having a professional trustee who carries out their functions is much the same ? the benefits can far out weight any costs involved. Individual trustees are often busy people, leaving little time to administer the trust under their control.
We consider a professional trustee to be a person whose business includes trusteeship. Someone will normally be considered a professional trustee if they have represented themselves to one or more unrelated schemes as having expertise in trustee matters generally (rather than just in certain areas).
They should be people you know and trust, people whose judgment you respect and who will also respect your wishes. When choosing a successor, keep in mind the type and amount of assets in your trust and the complexity of the provisions in your trust document.
Even if the beneficiary is of-age and competent, there are times when a Trustor may decide that it's best if there is someone to keep an eye on the Trust. A Beneficiary who doesn't have the best history of handling money or who may be likely to mismanage their Trust fund may require a Professional Trustee.