When a trust is established as part of an estate or care plan, it may be wise to designate a professional fiduciary to administer it. Professional fiduciaries can relieve loved ones and friends of the associated stress and responsibilities. Additionally, professional fiduciaries offer experience and expertise that may be vital.
Advantages of Professional Fiduciaries
Though ordinary folks can do just fine managing a trust, professionals who are trained and experienced in providing fiduciary oversight ensure that family members can spend more time with loved ones and less time sweating over financial affairs and tasks. Inherently, a fiduciary has a legal obligation to carry out duties in the best interest of the trust and its beneficiaries. Among the advantages of choosing a professional fiduciary are:
- A Professional Fiduciary has certifications and experience, which can be crucial when dealing with complex financial matters.
- Working with a Professional Fiduciary can also help…maximize savings opportunities and improve long-term financial management.
- If you have a Trust that requires a higher degree of oversight, such as a Special Needs Trust or a Spendthrift Trust, you may feel more comfortable with a qualified professional at the helm.
The appointment of a neutral, professional fiduciary to administer a trust can also make a lot of sense if difficult conflicts or disagreements are a possibility. Additionally, those aging solo, as more people are, can find the services of a professional fiduciary particularly reassuring. Overall, when a trust is established, a carefully selected professional fiduciary can “fulfill a variety of exacting requirements, including recordkeeping, asset management, reporting to beneficiaries, and working with accountants, attorneys, and investment advisors on an ongoing basis….In contrast, family and friends may be completely unfamiliar with these requirements, may become frustrated with the steep learning curve sometimes involved in figuring out how to meet these requirements, or may not have the requisite skills to do the job.”
Fiduciary and Trustee Bonds Explained
Given the significant responsibilities involved in serving in the fiduciary role of trustee, a type of bond, referred to as a fiduciary or trustee bond is frequently required. Essentially, fiduciary and trustee bonds serve as a guarantee that duties will be carried out in accordance with the law and in the best interests of beneficiaries. Colonial Surety makes it easy and speedy for fiduciaries and trustees in every state to obtain their bonds: simply: get a quote online, fill out the information, and enter a payment method. Print or e-file the bond from anywhere.
Obtain Digital Fiduciary and Trustee Bonds HERE
Bonding Solutions for Professional Fiduciaries
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