Sometimes a professional trustee will work with a financial advisor or other financial professional to establish a trust budget that will guarantee fiscal security well into the future. In many cases, the budgeting process will also call for a detailed professional evaluation of a beneficiary’s current and future needs. This is often undertaken by a professional care manager or by a team of medical professional and social workers. Trust budgeting is an incredibly important trustee duty, and a trustee without a budget is like a traveler without a map — completely lost. If you have been serving as a trustee of a trust and you don’t have a trust budget in place, there’s no time like the present to establish one.
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