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Pros and cons of using corporate fiduciary in Washington

On Behalf of | Apr 21, 2022 | Estate Administration & Probate |

When it comes to making important decisions for your business in Washington, you want to be sure that you’re doing everything possible to protect yourself and your interests. That’s why so many business owners turn to corporate fiduciary services for help. Before you do the same, here are the pros and cons you need to know to make a reliable decision.

Benefits of using corporate fiduciary

• Access to professional help and resources: When you use a corporate fiduciary, you’re putting your trust in a company with a team of professionals experienced in handling estate administration and probate and any other related affairs. This can give you peace of mind knowing that you have professionals working on your behalf.

• You can be confident in the results: Corporate fiduciaries are typically bound by law to act in your best interests. This means they’re required to make decisions based on what’s best for you and your business, not what’s best for them.

• You’ll get objective advice: It can be challenging to make decisions about your business when you’re emotionally attached to the outcome. A corporate fiduciary can provide you with objective advice to help you see the situation more clearly and make the best decision for your company.

Drawbacks of using corporate fiduciary

• Lack of control: You may potentially have less control over the decisions made on your behalf. This can be frustrating if you want to be involved in the decision-making process of your business and interests.

• Costs: Professional help don’t come cheap. While this may not be a problem for some businesses, it could be a challenge for you if you’re working with a limited budget.

• Human error: Corporate fiduciaries are still human and, as such, they’re not perfect. While they’re bound by law to act in your best interests, there’s always a possibility of them making mistakes.

Using a corporate fiduciary can be what you need for your business, or it may not. Regardless of what you are trying to achieve, the pros should outweigh the cons for you to consider this option.