1. Do I really need both a will and a trust?
For many families, yes. A will and a trust serve different purposes and often work together as part of a complete estate plan. While a will outlines your wishes, a trust can help manage assets, simplify the transfer of wealth, and provide greater continuity for your family.
2. What’s the difference between a will and a trust?
A will directs how your assets should be distributed after your death and generally goes through probate. A trust holds and manages assets according to your instructions, often allowing assets to pass more efficiently while providing greater flexibility and privacy.
3. Is a trust only for very wealthy families?
No. While trusts have traditionally been associated with high-net-worth families, many people can benefit from the protection, flexibility, and continuity a trust provides. Trusts can be especially valuable for families who want to simplify estate administration and help protect future generations. However, Trusts do involve administrative costs and may not be the right fit for every family’s situation.
4. What does a trustee actually do?
A trustee is responsible for carrying out the terms of your trust. This includes managing investments, keeping accurate records, handling tax reporting, communicating with beneficiaries, and ensuring your wishes are followed. It’s an important role that requires both expertise and objectivity.
5. Should I name a family member or a corporate trustee?
Every family is different. While many people initially consider a family member, acting as trustee can be time-consuming, emotionally challenging, and legally complex. A corporate trustee provides professional administration, impartial decision-making, and continuity that can reduce the burden on loved ones.
6. How does JL Bainbridge help with trust services?
JL Bainbridge works alongside National Advisors Trust to provide a coordinated approach to trust management. While National Advisors Trust serves as an independent corporate trustee and manages the administrative responsibilities of the trust, JL Bainbridge continues managing your investments and providing ongoing financial advice, creating a seamless experience for you and your family.
7. Will JL Bainbridge continue managing my investments if I establish a trust?
Yes. One of the advantages of our approach is that your assets continue to be professionally managed by the JL Bainbridge team you already know. National Advisors Trust handles trust administration while JL Bainbridge remains your investment advisor and financial planning partner.
8. What are the benefits of using a corporate trustee?
A corporate trustee provides professional oversight, continuity, and impartial decision-making. It can also help avoid family conflicts, reduce administrative responsibilities for loved ones, and ensure the trust is administered according to your wishes and applicable laws. Corporate trustees do charge fees for these services and clients should weigh these costs when deciding what is right for what is right for their family.
9. I already have a will and trust. Should I review them?
Absolutely. Estate plans should be reviewed periodically, especially after major life events such as marriage, divorce, the birth of a grandchild, retirement, or significant changes in wealth. Even if your documents are in place, it’s important to ensure they still reflect your goals and current circumstances.
10. How do I know if my estate plan is still right for my family?
A good estate plan should reflect your current wishes, family dynamics, financial situation, and long-term legacy goals. If it’s been several years since you reviewed your plan or you’re unsure how your will, trust, and investments work together, it may be time for a conversation with your JL Bainbridge Advisor.
Have Questions About Your Estate Plan?
Whether you’re creating your first estate plan, reviewing an existing will or trust, or simply wondering if your family’s wealth is structured effectively, the JL Bainbridge team is here to help. Contact your advisor to learn more about our Trust Services and how we work alongside National Advisors Trust to help protect your family’s wealth today and for generations to come.
Disclosure
National Advisors Trust is not affiliated with JL Bainbridge. JL Bainbridge does not receive compensation from National Advisors Trust for referring clients to the service. Clients are not required to use any third-party service provider introduced or referred to by JL Bainbridge and may select any professional of their choice. Any fees charged by third-party service providers for trust services are separate from JL Bainbridge advisory fees and are the responsibility of the client.
Any views and opinions expressed in this article are those of JL Bainbridge and are subject to change and reflect our judgment as of the publication date. This content is for general educational purposes only and should not be considered personalized investment advice. Specific recommendations and Investment advice are provided only to clients pursuant to a to a written advisory agreement.
JL Bainbridge is an SEC registered investment adviser. Registration with the SEC does not imply any level of skill or training. JL Bainbridge is not a broker-dealer and does not offer tax or legal advice. Please consult your tax or legal professional for assistance regarding your individual situation. For more information about our firm and our investment adviser representatives, please review our ADV part 2A Disclosure Brochure, Privacy Notice, and Relationship Summary (Form CRS) at www.jlbainbridge.com or reference the SEC website for more information on the firm and its advisers at: https://adviserinfo.sec.gov/firm/summary/108058.
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