Page 15 - July 2024 Issue

Avoid These Estate If you decide to choose someone else as trustee,

Planning Mistakes you’ll want to consider the following factors:
• Trust – In thinking about whom you might want
Submitted by Ann Jacobs, Financial to serve as your trustee, the most important attribute is trust.
Advisor, Edward Jones - Denton Do you trust that this individual will always act in your best
410-479-0271 interest? If so, then they may be a good trustee candidate,
but you’ll also need to look at other considerations.
When drawing up your estate plans, you might nd it useful • Financial management skills – e person you
to create a revocable or irrevocable trust, either of which can choose to be your trustee doesn’t have to be an accountant
help your estate avoid probate court and give you signi cant or a nancial professional — but they should be skilled at
control over how and when your assets are distributed. But managing their own nances. And they should be well-
who should oversee your trust? organized and good with details.

As the person who established the trust — known as the • Mental and physical tness – Your trustee could
“grantor” or “settlor” — you can also name yourself as serve in that position for many years, so you’ll want to name
trustee. However, this may not be the best move, particularly someone who is in good physical and mental health. Of
if the trust is irrevocable. An irrevocable trust protects the course, things can change over time, so if you observe that
assets in the trust from creditors and civil judgments, but your chosen trustee has begun to su er physical or mental
if you serve as trustee, this protection will disappear. It decline, you may need to name a successor trustee in your
might be more advantageous for you to be the trustee of trust document.
a revocable (living) trust, which can be modi ed without
much trouble and allows you to move assets in and out of • Con ict of interest – You want your trustee to
the trust and to change trust bene ciaries. You should work carry out your wishes in a fair manner — so, you should pick
with a quali ed estate-planning attorney to determine which someone who doesn’t have a con ict of interest with any
type of trust, if any, is appropriate for your situation, and to of the bene ciaries you’ve named in your trust. Of course,
get some guidance on the wisdom of serving as your own this can be tricky if you want to name a family member as
trustee. trustee. So, if you do, you’ll need to spell out your wishes
clearly — to the trustee and to other family members.
> edwardjones.com | Member SIPC Here’s something else to think about: Instead of
choosing an individual, you could name a corporate trustee.
Compare our CD Rates By doing so, you can receive some key bene ts, such as
objectivity and potentially avoiding some of the family-
Bank-issued, FDIC-insured related disputes that can arise when an estate is settled.
5.30 % APY* Minimum deposit Also, corporate trustees have the expertise and resources to
1-year $1000 navigate the various tax and inheritance laws a ecting living
trusts.
5.15 % APY* Minimum deposit
18-mos. $1000 Whether it’s a trusted individual or a corporate
entity, the right trustee can make a big di erence in the
Minimum deposit
5.00 % APY* e ectiveness of your living trust — and, by extension, the
2-year $1000 outcome of your comprehensive estate plans. So, start your
search, get the help you need and take the steps necessary
Call or visit your local financial advisor today.
to arrive at a choice for trustee that’s right for you and your
Ann M Jacobs, AAMS® family.
Financial Advisor
105 Franklin St
Denton, MD 21629-1207
410-479-0271 is article was written by Edward Jones for use by your local
Edward Jones Financial Advisor.
* Annual Percentage Yield (APY) e ective 6/20/2024. CDs o ered by Edward Jones are bank
issued and FDIC-insured up to $250,000 (principal and interest accrued but not yet paid) Edward Jones, Member SIPC
per depositor, per insured depository institution, for each account ownership category.
Please visit www.fdic.gov or contact your nancial advisor for additional information.
Subject to availability and price change. CD values are subject to interest rate risk such that Edward Jones, its employees and nancial advisors cannot
when interest rates rise, the prices of CDs can decrease. If CDs are sold prior to maturity, the
investor can lose principal value. FDIC insurance does not cover losses in market value. Early provide tax or legal advice. You should consult your attorney
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