Texas allows you to assign a corporate fiduciary for your estate plan or trust. There are many reasons why you may decide a corporate fiduciary is best. You might not have a young, healthy and responsible person whom you can choose. Carefully weigh the pros and cons before making your decision on who you want to manage your estate plan or trust.
One of the pros of choosing a corporate fiduciary is they have less bias than a friend or family member. They don’t know the beneficiaries on a personal basis, so they find it easy to distribute and manage your estate just the way you intended. Even if your friend or family member would stay diligent about managing the estate, they may find it stressful if they disagree with parts of it or have a conflict with one of the beneficiaries. You may not want them to go through that.
Corporate fiduciaries have more experience in managing an estate than the average person since it’s what they do for a living. This experience could help probate and administration of trusts go by more smoothly and quickly. They already know what legal processes they need to follow. Corporate fiduciaries are also more likely to make wiser investment decisions.
The downside of choosing a corporate fiduciary during estate planning is the bureaucracy you might have to go through sometimes. Making certain adjustments to your plan may take longer with a corporate fiduciary because of red tape and various departments involved. Some corporate fiduciaries have committees that could further slow down processes. Committees make certain decisions for the company and could result in longer probate and slower response times to investments.
Assigning a corporate fiduciary for your estate or trust could give you peace of mind about what will happen to your assets after your death because they are professionals. However, there may be more bureaucracy involved. Carefully choose the right fiduciary based on your needs.