Hyden, Miron & Foster, PLLC Law Blog

Tuesday, August 25, 2015

Establishing a Trust

Although establishing a trust is often associated with powerful or wealthy individuals, in reality many people can benefit from this useful estate planning instrument. Reasons for establishing a trust include the desire to:

• Have specific, personal wishes implemented, especially those regarding distribution to heirs; and
• Avoid the costly, public, and often prolonged process of probate.           

One of the most significant decisions to make concerning the management of a trust is the choice of a knowledgeable and dependable trustee. Though it may be tempting to assign this job to a close family member, there are several questions to be considered before taking this step, including:

• Does this person want the responsibility?  
• Does he or she have the necessary time available to manage your trust? 
• Is this person skilled and experienced in financial matters?         
• Will she or he be able to remain unbiased when carrying out your wishes?        
• Will making this person your trustee result in conflict within the family?          
• Are there other family members prepared to step in if the appointed trustee cannot complete the necessary tasks?

It is important to remember that it is possible to name a reliable financial institution as a trustee instead of an individual. One of the advantages of choosing a financial institution as trustee is the impartial expertise that the institution possesses.  Often, the decision to turn over management of one's trust to a skilled and neutral third party is tremendously reassuring, minimizing both financial and emotional concerns.

The skilled Arkansas estate planning attorneys at Hyden, Miron & Foster, PLLC, can assist you with all of your trust-related needs.  Contact us for a consultation by calling (501) 482-1787.


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