They say, “if it ain’t broke, don’t fix it” but when it comes to your trust, how do you know it’s working? What does success look like when evaluating trustee performance and ultimately the need to change trustees?
Your trust was created to provide for you today and ensure success for tomorrow. Having the right trustee in place is essential. Accurate distribution calculation, tax preparation/payments, and review of asset performance reviews are minimum requirements that require a deep understanding of legal, tax and accounting standards. Is your trustee available to properly administer the trust and help navigate these and other considerations? Statements should be provided regularly, and an annual review scheduled to talk with your trustee so you know exactly what’s going on with your trust. If any of this is not happening, it is a big warning sign that you should consider a change to trustees.
Changing the trustee of a trust does not need to be complicated. ITC is here to help you walk through that process of choosing the right Trustee option, not just the one you inherited. We help simplify the complicated, from finding the right investment advice to navigating the tax, legal and reporting requirements of administering a trust. We are here to help interpret the intimidating complexities of trust administration into things that make sense. We have a variety of family resources available to help educate you on all things trust.
When engaging a new trustee, it is reasonable to expect change. The reality is that alignment is everything. Talking about money and trusts with your potential trustee can be difficult but necessary. If your trustee isn’t giving you the answers you need to understand or make a decision, there may be a problem and you have every right to consider a change. It’s all about trusting the people you work with. Is your Trustee taking the time to be trustworthy?
If you aren’t pleased with your trustee, it may be time to search for a trustee that is more aligned with your preferred outcomes. Even with the best support you and your family are the ones who have to live with the outcome, it is your responsibility to ensure the success of your trust and ultimately those you love.
Contact an Independent Trust Company representative today and learn how to change trustees of a trust seamlessly!