Why Use a Corporate Trustee or Executor

Is selecting an executor or trustee simply an honor you bestow on an adult child or other relative, or on a trusted friend? When establishing and updating your estate plan, your choice of fiduciary, such as your executor and trustee, is an important part of the planning process. Many individuals and their counsel, however, do not place sufficient priority on this issue, which frequently leads to delays, expense, family disharmony, and breaches of your intentions during the settlement of your affairs and beyond.

Your executor or trustee will likely face a variety of tax, investment, accounting, record keeping and legal issues. And your fiduciary must work directly with your heirs and sometimes convey awkward and uncomfortable decisions, especially among family members. The time and expertise required can be considerable, and the position may cause a great deal of emotional distress.

A professional trustee, such as a bank trust department or trust company, will have trust officers, portfolio managers, and tax managers who have spent many years handling these issues. There are many reasons to consider a bank as your fiduciary:

• Continuity. Trusts can last for decades. A corporate fiduciary will not become ill, die, or move away.
• Knowledge and experience. Employees of a corporate fiduciary have deep knowledge regarding taxes, investments, and the laws regarding wills and trusts.
• Objectivity. Family dynamics can be complex. A corporate trustee brings outside objectivity to what can be wrenching decisions for family members.
• Prudence. Enjoy the peace of mind of having professionals handling your family matters.
• Economic Efficiency. Typically, a bank will charge its services based on a fee schedule, and the fee schedule may be less expensive than an individual trustee who outsources the trust’s investment management, legal compliance, record keeping, and tax services.

LCNB Wealth has the expertise to provide financial and fiduciary services and solutions at a high level, while treating you and your beneficiaries with the care that you desire and expect. If you have interest, please give us a call and we will be very happy to meet with you and determine how we can help.