Who to Choose to be Trustee of your Trust

It is important to understand that most of the time when creating an estate plan or living trust, you or your spouse will serve as the trustee(s) while you are living. When creating a trust, selecting a successor trustee is a decision that can greatly impact the administration and distribution of your assets. The trustee you choose will be responsible for managing the trust after your death according to your wishes, so it is important to consider the following factors when deciding who to appoint:

1. Trustworthiness: The trustee should be someone you trust implicitly to carry out your wishes and act in the best interests of the beneficiaries.

2. Financial Responsibility: The trustee must be capable of managing financial matters prudently and responsibly, as they will be handling investments, paying bills, and distributing assets.

3. Organizational Skills: A trustee should be well-organized and capable of keeping accurate records, filing taxes, and providing clear communication with beneficiaries.

4. Impartiality: If there are multiple beneficiaries involved, it is crucial to select a trustee who can remain impartial and fair in their decision-making. Keep in mind, the trust has requirements and duties that must be adhered to.

5. Legal and Financial Knowledge: While not always necessary, having a trustee with a background in law, finance, or accounting can be beneficial in navigating complex legal and financial matters.

6. Willingness to Serve: Before selecting someone as a trustee, ensure they are willing to take on the responsibilities that come with the role and understand the time commitment involved.

7. Backup Plan: It is wise to designate an alternate successor trustee in case the primary successor trustee is unable or unwilling to fulfill their duties.

By selecting a trustee who embodies these qualities, you can help ensure that your trust is managed effectively and your assets are distributed according to your wishes. Consulting with a legal professional experienced in estate planning can also provide valuable insight and guidance in selecting the right trustee for your trust.

A few options that you may want to consider are as follows:

1. A trusted family member or close friend: If someone in your family or a close friend has all of the above qualities they would be a great choice as successor trustee.

2. A professional fiduciary: Another option is a professional fiduciary, they are licensed insured and have the expertise needed to serve as your successor trustee.

3. An attorney: You can also choose to nominate an attorney as your successor trustee, you can rest assured that they too have the expertise needed to serve as successor trustee.

One big thing to remember is that your successor trustee can hire an attorney to help them administer the trust! If you or anyone you know needs help administering a trust contact us now!