Your initial reaction may be to say a spouse, a child or close family friend. Although this could be a good solution, considering having an additional corporate co-trustee may be the best solution for your family. Family dynamics are at the forefront when implementing your estate plan. Blended families, disabled children, disparate distributions and disappointed beneficiaries all pose potential issues for the fiduciary. Even the appearance of partiality can devolve into family rancor. A corporate co-fiduciary can comfort family members knowing that decisions are being made on an impartial basis based on the terms of your document. Having an institution along with a family member will provide the corporate fiduciary context in making decisions. A corporate fiduciary has the expertise to make sure decisions are fair. It will provide investment solutions to ensure that the assets will continue to provide for your beneficiaries. One of the concerns of using an institution is that decision-making is slow and cumbersome. At Sabadell Bank & Trust, we are a Florida institution that makes decisions quickly and locally.
ABOUT THE AUTHOR
› Orlando Roche is the Regional President of Sabadell Bank & Trust Miami-Dade County. He’s responsible for overseeing private banking, wealth management and fiduciary services within the region; [email protected]; SabadellBank.com.
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