How Do I Choose the Right Trustee for My Trust?

When you establish a trust document, you must also name someone to serve as its legal owner and manager. This is otherwise known as the trustee. Appointing someone to step into this role is not a task that should be taken lightly. That is, it may be the determining factor for whether your designated beneficiaries ultimately get the trust’s assets that they were promised. So, with that in mind, please continue reading to learn how to choose the right trustee and how one of the experienced Butler County trust attorneys at Heritage Elder Law & Estate Planning, LLC can help you make the best decision for your estate plan.

How do I select the right trustee for my trust?

Specifically, a trustee is held responsible for managing a trust’s assets before they can be distributed according to the document’s terms. In the meantime, they are supposed to file taxes for the trust, keep accurate financial records of all transactions made with the trust’s assets, and monitor and adjust investments made with the trust’s assets, among other things. So as you may likely conclude, this is not a job that just anyone can handle. Rather, there are certain characteristics you must look out for to choose the right trustee for your trust. They read as follows:

• Someone who you trust deeply to oversee your personal assets and deal with your loved beneficiaries.
• Someone who you know to have the necessary financial knowledge to manage your trust’s assets correctly.
• Someone who you know to be loyal and a good rule-follower, who will act according to your trust’s terms and conditions.
• Someone who you believe is willing and able to dedicate the significant time it takes to manage your trust properly for years to come.
• Someone who you know to not share any conflict of interest with your designated beneficiaries and who will act in their best interests.

How do I choose the right successor trustee?

Though it may take you some time to ponder on who the right trustee of your trust is, you should also take extra time to select the correct successor trustee. Now, a successor trustee is supposed to take over the legal ownership and management of your trust should your original trustee become incapacitated or sadly pass away.

With that being said, your chosen successor trustee should have similar characteristics to your original trustee. But a key difference, though, is that they should probably be younger than your original trustee. This may be especially appropriate if you expect your trust to last for many years and you want to ensure there is someone physically healthy and mentally capable enough to see it through.

To learn more about how to handle trustee designations, please get in touch with one of the skilled Butler County estate planning & probate attorneys from Heritage Elder Law & Estate Planning, LLC. Better yet, schedule your initial consultation with our firm today.