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Estate Planning for People With No Trustee

When you think of a trustee, you may think about your children, spouse, or even parents if they are still around. However, there are plenty of people in the world who don’t necessarily have those options available while estate planning. A trustee is described as an individual or a group appointed to oversee a trust’s assets and fulfill objectives in the event of incapacity or death. The selection of a trustee is usually among the initial tasks when creating a trust. These individuals typically have a clear idea of whom they want to fulfill this crucial role. But what about estate planning for people with no trustee?

Choosing a family member or friend as a trustee is a common but complex decision when creating a trust. The complications may arise from factors that are often overlooked initially. However, not everyone may have the luxury of close extended family, or even direct family. For example:

So what do you do? In case you encounter any of these situations and require assurance that your desires will be executed, you can always consider relying on the services of a trust department at a bank or investment firm.

Alternative Heirs

Regardless of your situation, you have the right to appoint a beneficiary to inherit all or some of your assets. This can be a family or friend, charity organization, investment firm, community organization, or others. However, the attorney who drafts your will cannot be chosen for overlapping legal reasons.

If you’re interested in leaving your money to a charity or community organization, you have a few options:

It’s Not Just About Money

While your assets are important to delegate, it is not the only role of a trustee. Without a designated heir, you may also have issues with complications before your passing. If you are to fall ill, you may need someone to make medical and financial decisions for you while you are incapable. Without a legal trustee, the state can name a next of kin for you, even if it is something you have never met. That person will be responsible for making decisions for you. Because of this, there are a few people you may have to name. These can all be the same person, but the decision can be crucial in a hard time.

You should also choose someone to manage everything after you pass away. This person, known as an estate administrator (or executor/personal representative), will handle legal processes, divide your belongings, sell your property, and inform your banks and credit card companies about your passing to prevent identity theft. Your choice could be an accountant, lawyer, financial planner, or professional executor if your state allows it.

Grand Strand Law Group Estate Planning for People With No Trustee

Estate planning for people with no trustee can be a long and stressful process for anyone. That’s why Grand Strand Law Group is here to make the process as smooth as possible. We are here to help you every step of the way. Give us a call at 843.492.5422. Learn about how we can help with your estate planning now or in the future.

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