Should I Name a Family Member as a Trustee?
Wouldn’t it be more cost effective than hiring a corporate trustee?
While each family’s situation is unique, the short answer is often "No" to both questions. Naming someone already known to your beneficiaries, and whom you trust, doesn’t mean they are the appropriate party to name as your fiduciary. Do they have the expertise and time to manage your trust? Can they remain impartial if they too are named beneficiaries?
At Pacific Portfolio we have specialists in all of the fields necessary to properly manage trusts, and the desire to serve your interests over multiple generations. We are locally owned and managed, so we can develop close relationships with you and your beneficiaries. Our fees are inclusive, meaning they cover the costs of investment advice, custody, accounting, and fiduciary services, which is more efficient and cost-effective than contracting for each separately.
Aside from costs, we believe that our investment expertise would be hard for any private Trustee to match. The “opportunity cost” of an inefficient trust investment portfolio could have a huge impact on whether or not your trust lives up to your expectations. We can structure a portfolio that balances risk and return and matches the objectives set out for your trust. Properly managed, your portfolio should cover all of your expenses, while maximizing long-term results.
