Whether you have a summer beach house or a portfolio of commercial real estate, choosing the right trustee is key to ensuring real estate investments are effectively managed.
“Real estate is one of the largest asset classes in the world, and billionaire families have been created through the passing down of real estate,” said, president and CEO of Whittier Trust Company and Whittier Holdings. “That’s why it’s critical to have a business succession plan in place.”
“We’ve seen clients who have grown their property portfolio their whole lives,” said Dahl. “They may now have multiple residential or commercial buildings, but for them, the process is instinctual. They know their team, they know their tenants, and it may only take a few hours a week to oversee.” “By asking about a business plan, trustees could assess how that move could impact the property,” he said. The right trustee will be able to add similar guardrails as heirs consider how the property will evolve over time.One common scenario Dahl and his colleagues regularly see is estate property transfers triggering property tax reassessments. In some cases, in high-cost areas, Dahl has seen property tax bills balloon from several thousand dollars to $30,000 or higher.
“What we’ve seen time and again is that transparency regarding trustee choices and wishes leads to greater unity and harmony down through the generations,” said Dahl.
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