Understanding Corporate Trustees
7 Reasons To Have A Professional Help You Build, Manage and Protect Your Wealth
3. When would I use a corporate trustee?
If you set up an irrevocable trust (like a charitable or life insurance trust) or you plan to make gifts in trust -- strategies often used to save estate taxes by removing assets now from your taxable estate -- you will probably need to name someone other than yourself as trustee for tax reasons. A corporate trustee is a natural choice to make sure your irrevocable trust is administered properly.
If you set up a revocable living trust - which will avoid probate when you die and prevent court control of your assets at incapacity -- you can be your own trustee. Even so, there are many benefits to having a corporate trustee involved. They can assist you in several ways...