Page 10 - Talk of Tequesta - August '24

Page 10, The Talk Of Tequesta

finanCial foCus

Whom Should You Choose As A Trustee?
By Sally Sima Stahl

When drawing up your • Trust – In thinking about whom you might want to serve potentially avoiding some of the family-related disputes that
estate plans, you might find as your trustee, the most important attribute is trust. Do you can arise when an estate is settled. Also, corporate trustees
it useful to create a revocable trust that this individual will always act in your best interest? have the expertise and resources to navigate the various tax
or irrevocable trust, either of If so, then they may be a good trustee candidate, but you’ll and inheritance laws affecting living trusts.
which can help your estate also need to look at other considerations. Whether it’s a trusted individual or a corporate
avoid probate court and give • Financial management skills – The person you choose to entity, the right trustee can make a big difference in the
you significant control over be your trustee doesn’t have to be an accountant or a financial effectiveness of your living trust — and, by extension, the
how and when your assets are professional — but they should be skilled at managing their outcome of your comprehensive estate plans. So, start your
distributed. But who should own finances. And they should be well-organized and good search, get the help you need and take the steps necessary
oversee your trust? with details. to arrive at a choice for trustee that’s right for you and
As the person who • Mental and physical fitness – Your trustee could serve in your family.
established the trust — known that position for many years, so you’ll want to name someone This article was written by Edward Jones for use by
as the “grantor” or “settlor” — you can also name yourself as who is in good physical and mental health. Of course, things your local Edward Jones Financial Advisor, Edward Jones,
trustee. However, this may not be the best move, particularly can change over time, so if you observe that your chosen Member SIPC.
if the trust is irrevocable. An irrevocable trust protects the trustee has begun to suffer physical or mental decline, you Edward Jones is a licensed insurance producer in
assets in the trust from creditors and civil judgments, but if may need to name a successor trustee in your trust document. all states and Washington, D.C., through Edward D.
you serve as trustee, this protection will disappear. It might • Conflict of interest – You want your trustee to carry Jones & Co., L.P., and in California, New Mexico and
be more advantageous for you to be the trustee of a revocable out your wishes in a fair manner — so, you should pick Massachusetts through Edward Jones Insurance Agency
(living) trust, which can be modified without much trouble someone who doesn’t have a conflict of interest with any of California, L.L.C.; Edward Jones Insurance Agency of
and allows you to move assets in and out of the trust and to of the beneficiaries you’ve named in your trust. Of course, New Mexico, L.L.C.; and Edward Jones Insurance Agency
change trust beneficiaries. You should work with a qualified this can be tricky if you want to name a family member as of Massachusetts, L.L.C.
estate-planning attorney to determine which type of trust, if trustee. So, if you do, you’ll need to spell out your wishes Edward Jones, its employees and financial advisors
any, is appropriate for your situation, and to get some guidance clearly — to the trustee and to other family members. cannot provide tax advice. You should consult your qualified
on the wisdom of serving as your own trustee. Here’s something else to think about: Instead of choosing tax advisor regarding your situation.
If you decide to choose someone else as trustee, you’ll an individual, you could name a corporate trustee. By doing Contact us at (561) 748-7600, Sally Sima Stahl, CFP ,
®
want to consider the following factors: so, you can receive some key benefits, such as objectivity and AAMS , 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
™

in Your CommuniTY

Palm Beach North Chamber Of Commerce

Unveils Remaining 2024 Events

The Palm Beach North Chamber of Commerce is • Sept. 18, Mayor’s Breakfast – Updates and initiatives Noel Martinez, president and CEO of the Palm Beach
delighted to announce its calendar of events for the from local mayors. North Chamber of Commerce shares his enthusiasm for the
remainder of 2024, promising a series of dynamic and • Oct. 20, Supervisor of Elections – Learn about voting upcoming events, “With each event, we strive to set new
impactful gatherings. These events not only feature procedures and transparency. standards of excellence. This year is no exception – we’re
prominent special guests, including state senators, but also • Oct. 30, Women of the Year Award Luncheon – Celebrate raising the bar and fostering meaningful connections.”
attract over 40,000 participants annually and have been the achievements of outstanding women in our community. For more information, visit www.pbnchamber.com.
recognized with numerous awards for their excellence in • Nov. 20, Honoring Our Veterans – Tribute to our brave
community engagement. veterans. In Your Community on page 11
Event Highlights
• Aug. 7, Back to School Breakfast – Insights for a
successful academic year with Superintendent Mike Burke.
• Aug. 24, Loggerhead Triathlon – The longest-standing
triathlon in Palm Beach North. This prestigious event
attracts athletes from across the country and is a testament
to our community’s dedication to health and wellness.

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