Relief from administrative details and continuity are the major reasons for:
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A. B. C. D.C
The relief from administrative details and continuity are the major reasons for naming a financial institution as a trustee (Option C).
When creating a trust, one of the most important decisions is choosing the trustee who will manage the trust assets and administer the trust according to its terms. A trustee can be an individual, a group of individuals, or a financial institution.
While individuals may make excellent trustees, they may not have the expertise, time, or resources to manage complex trusts. Financial institutions, on the other hand, can provide a wide range of services and expertise to manage a trust efficiently and effectively.
Financial institutions have experience in managing trusts, investment portfolios, and estate planning, which can be extremely beneficial for the trust's beneficiaries. Additionally, a financial institution can offer continuity of management, which is especially important in the case of long-term trusts that may continue for several generations.
Another benefit of naming a financial institution as a trustee is that it can relieve the grantor of many administrative details associated with the trust, such as tax reporting, record keeping, and investment management. This can be a significant advantage for individuals who do not have the time or expertise to manage a trust effectively.
In summary, naming a financial institution as a trustee can provide relief from administrative details and continuity of management, making it an attractive option for managing complex trusts over the long term.