We think the corporate co-trustee arrangement is an ideal solution for families with wealth. In this arrangement, a family member or individual shares the responsibility of trusteeship with a corporate trustee like Cumberland Trust.
This week, as part of our ongoing blog series The Case for Corporate Co-Trustees, we will cover the importance of impartiality in a trustee.
A corporate co-trustee remains unbiased, helping your family maintain harmony through different life stages or after the loss of a loved one. Because of the emotional stress families may go through during life changes or loss, even the most stable and close-knit families can experience divide and unintended tension. When a beneficiary, family member, or close friend serves as the individual trustee or executor for a family, there is inherently a higher risk for bias and conflicts of interest among the involved parties.
As a corporate co-trustee, companies like Cumberland Trust must remain impartial and unbiased. Often, having a neutral third-party trustee or executor on the team prevents disagreements and discord among family members. By appointing a corporate trustee to serve alongside an individual as co-trustees, the family maintains a role in the trust management, providing a means for family input while Cumberland Trust provides technical expertise.
To learn more about The Case for the Corporate Co-Trustee, see our other articles in this series: