A lot of people initially think that you set up a trust for estate tax purposes, but there’s such a small percentage of people that really need to consider a trust for tax reasons. However, if you have special assets, if you’re a special person, or if you have a special family, you might want to consider setting up a trust.
In this episode of Before You Go…, Stacy Kelly and Keith Morris of The Blum Firm are joined by Beth Owens, Trust Officer at American National Bank & Trust. The trio dive deep into the role of a trustee, discussing their responsibilities and how they can manage a trust effectively.
Tune in as Beth shares insightful observations about corporate trustees and their ability to manage complex situations. The conversation also discusses the importance of keeping accurate records, the necessity of clear communication with beneficiaries, protection of beneficiaries from scammers, and the benefits of appointing a co-trustee or corporate trustee as agent. Important takeaways for individual trustees are also shared.