When choosing a trustee, you need to make sure that you’re making the best choice possible so that your estate planning wishes are carried out. This will give you confidence knowing that your trust’s affairs will be in order. Take a look at the following information, to better understand who makes a great trustee. If you have any questions, or if you need help selecting a trustee, contact an estate planning attorney.
You may have difficulty choosing the best trustee. It can be hard knowing who will be best for this job. These are some considerations that you will want to make when making your selection.
- A good trustee will be able to follow all of the instructions of the trust document so that your wishes are respected
- A good trustee won’t mix his or her money with that of the trust
- A good trustee is responsible, reliable, and trustworthy
- A good trustee will keep detailed and accurate records of all financial transactions
- A good trustee will keep in regular contact with all beneficiaries
- A good trustee won’t be afraid to seek legal counsel, if needed
- A good trustee will properly and prudently manage assets until they’re distributed
- A good trustee will always act in your best interest while you’re alive; and in your beneficiaries’ best interest after you have died
- A good trustee is willing and able to handle the many duties that go along with the job
Be sure to ask your potential trustee’s permission before naming him or her in your trust document; your trustee may not want to serve for a myriad of reasons. In addition, name a back-up trustee in case your primary trustee is unable or unwilling to serve.
If you need help making your trustee selection, consult with a qualified estate planning attorney.
Latest posts by Michael Robinson, Estate Planning Attorney (see all)
- Income Tax Basis - October 30, 2019
- Inheritance Planning: Consider the Recipients - October 23, 2019
- Use Trust Protectors for Added Protection and Flexibility - October 23, 2019