The trustee is an invaluable ally for handling all matters of your trusts and estates. Given that a trustee has a fiduciary duty to act in the best interests of who/what the trust is designed for, there are many advantages to having a trustee in the state of Arizona. From trustee sales to peace of mind, a quality trustee can significantly ease the burden of estate matters.
Trustee Sales
In the state of Arizona, trustees can be used to implement a unique form of housing sale. Trustee sales are public auctions which are open to all bidders, and the property is typically awarded to the highest bidder that meets a certain set of criteria. The criteria are set by the trustee and based on the fact that the trustee is chosen to administer beneficiary assets while moving towards a foreclosure process.
The trustee sales, for their part, are auctioned off at a local courthouse or the office of a trustee. Successful bidders who meet the criteria set by the trustee will then receive title to the property via a Trustee’s Deed, which greatly simplifies the sale of properties for both the buyer and the estate alike.
A Trustee Provides Peace of Mind
Trustees serve in a long-term commitment capacity if needed. Trusts can be set up for a certain end point (for example, when a child reaches the age of majority) or they can be set up to exist for decades. Either way, the trustee will provide peace of mind that your assets are being taken care of in the best possible manner. This is the case because a trustee has a fiduciary obligation to act in the best interests of the trust.
For example, if a trust is set aside for a child until they reach 18, the trustee’s fiduciary duty is based upon acting in the best interests of the child.
Flexibility
Trustees can provide the flexibility you need for your estate, wealth and assets. To start, you can choose an individual trustee if you want to save costs and have faith that a family member or other loved one will take good care of the trust. Alternatively, a corporate trustee can employ a whole team of dedicated professionals that will act in the best interests of the trust. This tactic ensures that the trust is managed by bona fide professionals who have the knowledge and resources to ideally manage the trust.
No matter what your trust needs may be, there is a trustee solution that will satisfy the particularities of your trust. Contact us at May, Potenza, Baran & Gillespie if you are in need of Trusts & Estates counsel.
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