Deciding who the trustee of your trust will be can sometimes be scary. The trustee has a lot of power and the success of the trust often depends on choosing the right person.
However, it does not have to be so scary that you delay getting a trust. By following some guidelines, deciding on a trustee can be simple and give you peace of mind.
Recently, the Daily Press offered some advice in "Trustees Have the Keys to Your Kingdom."
The advice includes:
The trustee will have to decide how to invest assets. He or she might have to decide when distributions should be made to beneficiaries. Taxes will also need to be filed. Because of this the trustee should be someone who has the administrative skills and knowledge to do those jobs.
Trustees need to be aware when they do not personally have the ability to do a task. Trustees who understand their own weaknesses will know when they need to hire experts to assist them.
One of the most important tasks for a trustee is to communicate with the trust beneficiaries. You will want to pick someone who has communication skills and who will be able to get along with the beneficiaries.
If you are not certain about whom to choose as a trustee, then your estate planning attorney can help.
Talk to your attorney about the people you are considering. If none of the people is appropriate, then the attorney might be able to help you find a professional trustee.
Reference: Daily Press (March 8, 2016) "Trustees Have the Keys to Your Kingdom."