In simple terms, a professional trustee is an individual or an institution that is hired to manage and administer a personal trust. A trustee has a lot of varied duties in this regard, including:
There are various different types of trustees, such as: individual trustee, corporate trustee, member-nominated trustees (MNTs), employer-nominated trustees (ENTs) and independent trustees. The services of professional trustees are usually retained as they can offer impartiality and expertise in managing the trust. Although some do choose to entrust a relative or close friend in order to avoid the large fee of a professional trustee.
Although it can sometimes be quite expensive, the benefits of engaging a professional trustee can be considerable. For instance, a professional trustee can offer:
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