Deciding who to appoint as a trustee or executor as part of your estate plan can be a tricky business. One obvious option for a trustee is a valued family member, someone that you can count on to act in accordance with your best interest. At McCulloch & Miller, we have years of experience advising clients on how to choose the right trustee or executor for them, helping them make a decision that works well for their individualized circumstances.
What is a Trustee or Executor?
A trustee is a person that you designate to oversee your trust; this person is in charge of making sure the trust’s assets are used according to your wishes. An executor, on the other hand, is a person appointed to carry out the terms of your will or estate plan. This person will sort out your finances and assets after you are gone.
What is the Cost of Appointing a Trustee or Executor?
When deciding who to appoint as a trustee or executor, you may have many options in front of you: in particular, you might need to choose whether to appoint a family member or a professional as the person to oversee your assets.
Typically, professional trustees or executors charge a flat fee or percentage of your assets. This fee could range from .5% to 2%, and it depends greatly on the professional and the intricacies of the assets at play. Family members, on the other hand, might choose to perform the work for free or charge an hourly rate. They also have the right, however, to charge a fee or percentage that is similar to a professional.
Each arrangement, in short, depends on the individuals and assets involved. In probate court, the judge will typically approve the trustee or executor’s fee arrangement in order to make sure it is fair for all parties involved.
If you are making the decision over who to appoint as your trustee or executor, one important step in the process is speaking with an estate planning attorney who can walk you through your options and help you make an informed decision. For trusts and estate plans, every detail is important, and ensuring you make the best choices for you and your family is important as you work through the particulars of your own plan.
Do You Need an Estate Planning Attorney in Texas?
If you and your family are undergoing the estate planning process in Texas, give our firm a call at McCulloch & Miller. Our team provides estate and probate advice that you can trust, and we are proud to offer experience-based knowledge and counsel that our clients have depended on for over three decades. For a consultation with a member of our team, call us today at 713-903-7879. You can also fill out our online form to have someone reach back out to you as soon as possible.