Pennsylvania Trust Law: Pros and Cons of Institutional Fiduciaries
Choosing a bank or trust company to serve as executor of your estate, trust, or guardianship may seem like an appealing prospect if you’re having trouble choosing between your relatives, but there are pros and cons to that option, and you should always speak with a Pennsylvania trust law attorney before you elect to use an institutional fiduciary as your estate’s representative.
The advantages of using an institutional fiduciary as your estate executor or successor trustee include:
expert management;
- neutral decision making;
- all-inclusive services and a wealth of resources for all estate, trust, or guardianship needs; and
- professionalism and a high standard of account stewardship.
The disadvantages of naming an institutional fiduciary as your executor or successor trustee may include:
- institutional rigidity in account protocol;
- high cost of services rendered;
- decisions are made by committee and can delay the distribution of assets to beneficiaries; and
- bureaucratic obstacles at larger firms can impede progress with investments, decisions, and accounts.
Speak with a Pennsylvania Trust Law Attorney Before You Decide
No estate is like any other, and because so many important decisions often come down to intricate details, it’s vital that you consult with someone who dedicates themselves to providing estate planning services to people like you, people who lead busy lives and want to know that they are leaving behind a legacy that will be well-preserved and enjoyed by their surviving family members.
To learn more about what Unruh, Turner, Burke & Frees can do for you, schedule a consultation at one of our office locations – 1-610-933-8069.
References:
http://wills.about.com/od/choosingfiduciaries/a/institutionlfid.htm
