What Is a Trustee?
The Importance Of A Trustee With Amida Wealth
As we enter into the month of Love, we celebrate friendship and the love all around. This is why we start the month with the topic of a Trustee; what it is, and how you go about finding one. Trustee is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust. The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust.
We never know when someone we love and care about will be faced with a situation where they can’t make decisions for themselves. Whether this be illness, aging, or loss in the family. This is where a trustee comes in. We can’t ever anticipate a tragedy occurring to our family. However, we can have a game-plan in motion that allows our love to continue to flow even after we are gone or can’t make decisions for ourselves. All in all, an appointed trustee reflects our love and legacy in this world.
Who Should Your Trustee Be?
A Trustee is someone in your circle that understands your values and your ethics. Additionally, this is someone that knows how to raise your children, and would love them with your same values. Roles of a trustee can be split between lifestyle and financial. Perhaps, someone will handle the lifestyle while another will handle the financial affairs. Ask yourself; who deeply understands you? Who can you trust with personal affairs? Above all, who understands your soul?
Normally, a Trustee will have the following powers: to invest the Trust assets; to deal with land; to delegate certain matters to an agent or nominee; to ensure the Trust’s property; to make advances of capital to beneficiaries; to provide for beneficiaries who are underage; and to lend funds to beneficiaries. The most common trustees are friends & family, lawyers & attorneys, and trust companies.
Share Your Decision
Share your appointed trustee with trusted friends and family. Ultimately, you have your best interest in mind and create a bulletproof process for yourself in the case of an emergency. In other words, you intentionally present your decision with love, without causing offense to anyone in the family. Above all, you avoid any miscommunication in the future. Certainly, this conversation will expose your soul and your values. Perhaps, you will inspire others to consider the importance of an appointed Trustee.
Amida Wealth Family Conversations
At your next family or friends gathering, engage in a conversation beyond legacy. Ask the question; who would carry on your wishes, and care for the people you love when we are not here? Allow space for your family and friends to consider who this person may be. It is beautiful to bring up a topic so vulnerable, and filled with love. Imagine how powerful it is to sit in a group and think about the beautiful people in our lives. This is living in wealth! Ask questions like; what does this person mean for you? Dive deeper into this topic. Share your wealth energy!
With proper intention, to appoint a trustee can feel like a seamless and beautiful process. Perhaps, now is the time to ask yourself who you trust with your legacy. Most importantly, remember that you are not meant to go through this process alone. In other words, Amida Wealth is one phone call and email away!