What should I consider when selecting corporate Executors and Trustees?
a. The advantages of having a Corporate Executor/Trustee Specialist in handling estates/Trusts. No emotional bias. Impartial - usually free of conflicts of interest with the beneficiary. Never moves or goes on vacation. Never dies or gets sick. b. The disadvantages of having a Corporate Executor/Trustee Usually little familiarity with family. Administrative fees may be much higher. May go out of business or merge with a Trust department you find unsatisfactory. Often are predisposed to keeping funds under their management, rather than dispensing to beneficiaries who may have genuine needs.
What should I consider when selecting an Individual Executor/Trustee?
a. The advantages of having an Individual Executor/Trustee More familiar with the family. Administrative fees are generally lower. More efficient in modest estates or traditional family structures b. The disadvantages of having an Individual Executor/Trustee Probably not experienced in handling estates or Trusts. May not be impartial. Could have schedule conflict or live too far away to do the job properly. Could be incapacitated at times or no longer competent when you need their assistance.
