Choosing a fiduciary, such as a trustee, personal representative, power of attorney agent, is an important decision in the estate planning process. A family member or trusted individual is often the default choice, but some situations call for a professional to serve.
When Family Situations are Complicated
A professional fiduciary can be a neutral third party. Maybe you are a sibling who must administer a trust for a brother or sister you do not get along with, or a parent who does not want to put one child in a position of authority over the others. There might be a family business where ownership interests and trust beneficiaries have created conflict. An independent third party like GSS Trust is often the best option.
When Family or Friends Are Unable to Serve
Proximity, age, health, or other factors may prevent a family member from serving. GSS Trust is a professional fiduciary able to step in and fill the void. Nominating a regulated trust company like GSS provides security that a professional will be able to handle your affairs when needed, even if it is many years from now. GSS can fill multiple fiduciary roles, including Trustee, Personal Representative, and Agent under a Durable Power of Attorney for both Finances and Healthcare.
No Family Members Have the Time
Fiduciaries carry legal duties and personal liability, and many family members are too busy or live too far away to manage things. Adult children have careers, children of their own, and lives that do not leave room for the demands of managing a trust or estate, or serving under a Power of Attorney. GSS has a full-time staff of more than 30 people with the capacity, expertise, and tools to make your situation its first priority.
Leave Family Out of It
In situations where the beneficiary is a person living with addiction, substance use disorder, a mental health condition, or who remains financially dependent on a parent, having a family member control the purse strings would further damage relationships and create unnecessary conflict. Putting one sibling in charge of distributions to another is a recipe for resentment. GSS Trust can step in as an independent trustee, making distribution decisions without putting a family member in the middle of it. This allows the family to stay family.
The Situation Is Complex
Some trusts and estates are straightforward; others are not. Even estates that seem straightforward can require a significant time . When real property, investments spread over multiple financial accounts, business assets, or other complicated factors are involved, a professional like GSS Trust is a logical pick to make sure your wishes are carried out and nothing falls through the cracks. Many trust companies and competing professional fiduciaries shy away from cases with this kind of complexity. GSS does not, and we have the staff, systems, and 40 years of experience to handle complicated cases.
Government Benefits are Involved
If your trust has special needs provisions or factors that involve navigating government benefits, a professional fiduciary with experience in that world is essential. An improper distribution or incorrect reporting can jeopardize a person’s access to Medicaid, Supplemental Security Income (SSI), or housing programs.
Planning for the Future
For older adults who want to plan ahead, or who simply want help managing tasks they no longer wish to handle on their own, GSS Trust offers Power of Attorney and contract services that can be put in place now. You retain control and autonomy, and only delegate what you no longer wish to handle. Whether that means taking over bill payment, organizing tax records, preparing and filing tax returns, overseeing financial accounts, or coordinating care, GSS can step in at whatever level makes sense. Should you later lose capacity, GSS is already familiar with your affairs and prepared to provide further assistance as your Agent under Powers of Attorney.
If you are worried about who will be there to manage your affairs or execute your wishes years from now, GSS Trust is the answer. We have been in business since 1985, are regulated by the state, independently audited, and have a succession plan in place. Trusts can last a long time, and choosing a professional like GSS means you benefit from an institution that will outlast any individual.