heir trust assets. This article will explain the delegated trust process as well as the advantages and disadvantages associated with the idea.
It is possible to choose an adviser trusted trust firm and the one you’d prefer to work with. The advisor can also pick the custodian. You also get to choose the trust’s state of residence within. This allows you to more effectively manage your money.
There are some disadvantages of delegated trusts. They are subject to a fiduciary liability when you give your investment decisions over to an expert. That means that in the event that a problem occurs, both the advisor and you are equally liable, and costs are higher in order to cover the cost. Your trustee fees are typically between 10 and 15% more.
There is no difference if create a trust as a standalone document or part of your will. You need to be well-informed about all options. If you have a trust delegated, your lawyer can guide you to add the specific features you want for your trust in order to ensure the preferences of all your beneficiaries can be met.