As an individual creating a trust or estate plan, it's important to consider who will handle the administration of your assets after you pass away. One option is to appoint a family member or friend to act as the trustee or personal representative, but this can come with challenges and potential conflicts of interest.
Another option is to work with a professional executor and trustee service. These services can provide a number of benefits and simplify the estate settlement process, particularly for larger or more complex estates.
Here are some key points to consider when exploring professional executor and trustee services in Washington State:
Estate Settlement Services and Pricing
Professional executor and trustee services can offer estate settlement services for both trusts and estates that will have to go through probate. It's worth noting that their pricing for settlement of a trust estate is generally better than their pricing for settlement of an estate that will have to go through probate.
Specialty Asset Management
In addition to traditional estate settlement services, professional executor and trustee services may have a Specialty Asset Management group that can help administer a wide range of assets, including real property (residential, commercial, industrial, farm and timber), oil, gas, and mineral interests, closely held business interests, alternative investments, and other assets that require specialized knowledge and attention.
Agent for a Fiduciary or Co-Trustee
Some professional executor and trustee services can also serve as an agent for a fiduciary or co-trustee. This means that they can take on the administrative tasks involved in managing the trust or estate, such as record keeping and tax preparation, while the family member or friend appointed as trustee or personal representative retains an equal voice on distributions to the trust beneficiaries.
Benefits of a Corporate Trustee
Working with a professional executor and trustee service can provide many benefits, including simplifying the estate settlement process and reducing the risk of errors or conflicts. For example, they can help navigate complex legal and financial requirements, provide unbiased decision-making, and offer professional expertise on managing assets and investments.
Trust Situs Services
Finally, some professional executor and trustee services may also offer trust situs services in other states. These services can provide additional flexibility and options for managing and administering your trust or estate.
In summary, working with a professional executor and trustee service can provide a range of benefits for managing and administering your estate or trust. If you're considering this option, it's important to carefully evaluate your needs and options and work with a reputable service provider with experience in your state and region.
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