When it comes to estate planning, one of the most critical decisions you’ll make is who will manage your trust and ensure that your beneficiaries receive their inheritance as you intended. While it’s common for family members to take on this role, there are many situations where naming a professional fiduciary—an independent, third-party trustee—may be the best choice to protect your loved ones and ensure your wishes are carried out.

There are several reasons why you might hesitate to name a family member or beneficiary as the trustee, especially if the inheritance involves a significant amount of money or complex provisions. A couple of common scenarios involve spendthrift concerns or minor beneficiaries.

A big challenge in estate planning is ensuring that your wishes are followed and minimizing family disputes. Naming a family member as trustee can sometimes lead to misunderstandings, conflicts of interest, or disputes among siblings. Even well-meaning family members may struggle with the complexities of trust administration or face pressure from other relatives.

A professional fiduciary, on the other hand, is a neutral third party who has the expertise and experience to handle the trust’s administration impartially. By naming a professional fiduciary as your trustee—or as a backup trustee for specific sub-trusts (like a spendthrift trust or minor’s trust)—you can help by ensuring impartiality, maintaining family harmony, and protecting the integrity of your trust.

At Gibbons | Neuman, our estate planning and elder law attorneys can help you determine if a professional fiduciary is the right choice for your estate plan. We can guide you through the process of selecting a fiduciary, explain the various types of trusts available, and help ensure that your beneficiaries receive their inheritance in a manner that aligns with your intentions.

If you have questions or would like to learn more about professional fiduciaries and how they can help safeguard your estate plan, contact us today for a consultation.