Estate Planning is a crucial process that everyone should take seriously, regardless of how much wealth they possess. Asset protection and wealth solutions expert Puai Wichman notes it involves creating a legal and defined plan that ensures your assets and property are distributed according to your wishes after your passing. Without an estate plan, your entire legacy may end up in the hands of the courts, and this could be a complicated, time-consuming process that may not align with your intentions. The good news is that estate plans come in many shapes and sizes, and you can customize your plan to fit your specific needs. It’s important to work with an experienced attorney who can help you create a basic Will or a full-blown Trust with an appointed Trustee, or both if necessary. The process may not be one-size-fits-all, but with the right guidance, you can ensure that your legacy lives on according to your wishes.
Who is a Trustee?
A Trustee plays a crucial role in the management and administration of a Trust. Essentially, a Trustee acts as a custodian for the assets held within the trust and is responsible for their care and management. These responsibilities include recording expenses and income, distributing funds to beneficiaries, and keeping a record of other transactions that occur. The Trustee must act in the best interests of the beneficiaries, acting within the mandate provided by the trust agreement. When selecting a Trustee, it’s important to choose a person who can leave their personal goals aside and solely focus on serving the trust per its guidelines. The role of a Trustee requires trust, reliability, and unwavering ethics.
How do you choose the right Trustee?
According to Puai Wichman, choosing the perfect Trustee can be overwhelming, especially when it comes to providing for your children. The pressure to make the right choice can be immense.
However, by considering a few key factors, you can increase your confidence in making this important decision. It’s important to remember that, in general, anyone you trust who is over the age of 18 can potentially become your Trustee.
Friends or Family
When it comes to finding a trustee for your loved one, friends and family members seem like an obvious choice. However, this option can also come with a load of challenges and potential drama. But don’t let that discourage you because if you have a friend or family member who is dependable and trustworthy, it can make for the perfect caregiving arrangement. What’s more, with someone close to you caring for your loved one, you can rest assured that they will understand your family dynamics and that the care provided will be personal and loving. Just be sure to discuss the caregiving responsibilities and ensure they are willing and able to take on the task.
Lawyer or Attorney
Choosing the right person to assume the role of executor of your estate can be a daunting task. Puai Wichman mentions that if you don’t have a close family member or friend whom you trust to handle the responsibility, or you can’t decide who to choose for fear of causing hurt feelings or disagreements, appointing a non-partial third party like a lawyer can be an excellent solution. Not only can an attorney provide the necessary legal expertise to ensure your estate is distributed according to your wishes, but if you have a long-standing relationship with your lawyer, he or she will also have valuable insight into your family dynamic. However, it’s important to keep in mind that this option may come at a higher cost, which could ultimately reduce the amount your beneficiaries will receive. Despite this, if you’re looking for a reliable and impartial executor to handle your estate, a lawyer could be a good choice.
Trust Company
Breathing a sigh of relief, knowing that your legacy will be protected, is a priceless feeling. Choosing a trust company to manage your estate can be a smart move to ensure your assets are distributed fairly and according to your wishes. The idea of paying a fee can be daunting, but when compared to the potential challenges that may arise amongst beneficiaries, it can be a small price to pay for the peace of mind that comes with the decision. Trust companies operate with the guidance and discretion of the trust, which ensures that your wishes are respected and honored. Keep in mind, though, that removing a trusted company can be a difficult process, but if that’s the price for preserving your legacy, it is certainly worth it.
Puai Wichman, the CEO and Founder of Ora Partners is a highly respected leader in the asset protection business and financial services industry. With a passion for helping families and individuals protect their capital, his innovative wealth solutions firm offers clients the means to safely navigate today’s volatile economic and geo-political world. With exceptional strategic insights and more than 30 years of experience in the asset protection business, Puai helps families future-proof their hard-earned. Puai’s expertise in trust law and commitment to excellence make him a true trailblazer in the offshore financial services sector.
