Professional trustee services - the importance of choosing a trustee

It's critical that a trustee act in the best interest of your beneficiaries. It may be tempting to choose a friend or family member as your trustee. However, being a trustee can put this person in a difficult position with a high level of responsibility.

You have other options for choosing trustees. You can put your trust in an established and experienced trust company. MassMutual Trust can serve as a professional trustee or help you as an agent for trustee.

Agency Account – professional management of your estate

Investment management can be challenging - especially when funds are in a variety of accounts. It takes time, resources and a high-level of knowledge to properly manage the responsibilities, legalities and choices that are involved.

You may consider choosing a relative or friend to act as your trustee. However, this person may not be familiar with the fine points of trust and investment laws, as well as tax requirements and legal procedures. In addition, appointing family or friends to act as trustee may create tension within the family. An independent source will be able to provide unbiased guidance and carry out your wishes as you dictate.

To ensure your wishes are carried out properly, you may choose to have a professional trustee manage your investments and/or manage your trust. MassMutual Trust has experience with the legal duties and obligations of a professional trustee. To find out more, please contact a MassMutual Trust Consultant.

Agent for Trustee – assisting individual trustees

An agent for trustee assists an individual trustee with the management of accounts. The trustee retains access to all account details and operations. The agent for trustee provides valuable and efficient management services, such as:

• Managing family/beneficiary dynamics
• Investing assets prudently
• Day-to-day administration and recordkeeping
• Tax services
• Proper safekeeping of trust assets