Everyone in California wishes to make it easier for their loved ones to receive their inheritance. So, they plan their estate to the best of their interests and that of their beneficiaries. But, issues still arise after their death that can tear their family apart, sometimes mainly because of the trustee they chose. If you are planning your estate, here are some reasons why you may want to dwell on the person you want to choose as your trustee even more.
They can help minimize your taxes
You are already one step ahead in minimizing estate taxes by creating a trust. As you may know, death taxes can be as high as 40% of the value of your estate. A professional trust administrator will even reduce the impact of taxes much further when managing your property for your loved ones. They are well aware of tax benefits they can take advantage of during asset distribution.
They can help minimize family conflicts
If you’ve ever been through a family dispute, you know how difficult it can be. Proper trust administration can help reduce the chances of family disputes. A pro trustee will handle all of the paperwork and details in estate planning according to your plans and ensure that your beneficiaries’ interests are well addressed.
They have experience in dealing with probate courts
Probate is the legal process of distributing your assets after you die. It can be time-consuming and expensive, so many people try to avoid it if possible. A professional trustee can help you do this by ensuring that your assets are transferred according to your wishes and also in a way that might not spark conflicts that could lead your beneficiaries to probate court.
Many people have the urge to choose their close friends or family members as their trustees, which is not wrong, but ask yourself, are they skilled enough to deal with any issues that might arise after you are gone? If they are, well and good. If not, keep looking for a professional you can find within California.