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Joe Jaspers, CFP®
Vice President, Wealth Management
Carolinas Telco Capital Advisors
Located at Carolinas Telco FCU
9813 South Blvd, Suite 101
Charlotte, NC 28273
Phone: 704-391-5600
Toll Free: 800-622-5305, ext. 2608
Fax: 704-556-1652
Email: joe.jaspers@lpl.com
September/October 2020
How to Choose a Trustee
Compared to setting up a trust, choosing a trustee can be relatively simple--but not always easy. Money can drive a wedge between even the closest families, so choosing between a loved one, a professional advisor or a financial institution as trustee isn’t easy.
Getting Started
Families who want to pass on wealth efficiently or ensure specific instructions are followed for the benefit of special-needs children may use a trust to facilitate their wishes. Every trust must have a trustee, who has the legal and personal responsibility to carry out the terms of the trust.A trustee may need expertise in multiple areas, depending on the trust’s complexity. For example, the trustee must serve as a business administrator to record financial activities, such as scheduled disbursements to beneficiaries, investment results and more. That person may also be responsible for managing investments, which even professionals have difficulty doing during volatile economic times. The trustee must also file local, state and federal tax returns, even if the beneficiaries are receiving tax-free disbursements, and may need to understand arbitration should a disagreement between the trust’s beneficiaries arise.
Making the Choice
Finding a loved one who can serve proficiently in all these capacities can prove difficult, although this person could hire professional help like a CPA or arbitrator. However, emotions and even money could get in the way and cloud the trustee’s judgments. For example, it’s easy to see a conflict if a trustee who is also a beneficiary has to decide whether to grant emergency funds to a beneficiary, which could reduce the trust’s principal and the trustee’s share.A financial institution serving as trustee might have the multi-disciplinary skills needed and would take the emotions out of decision-making. So, research your options before making a final decision.
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Carolinas Telco FCU and Carolinas Telco Capital Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Carolinas Telco Capital Advisors, and may also be employees of Carolinas Telco FCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Carolinas Telco FCU or Carolinas Telco Capital Advisors. Securities and insurance offered through LPL or its affiliates are:
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