When you create a trust document, there are essentially three individuals you involve in this estate plan: you as the grantor, your loved one as the beneficiary, and a trustworthy individual as the trustee. This is with the operative word for describing the trustee being “trustworthy.” And with that noted, please continue reading to learn the pivotal roles a trustee plays in your estate plan and how one of the experienced Butler County trust attorneys at Heritage Elder Law & Estate Planning, LLC, can help you appoint the right individual to fill this important position.
What are the primary roles of a trustee?
Above all else, a trustee is expected to execute a trust according to the instructions set out by you, the grantor, in this estate planning document. These instructions basically cover how, when, and in what manner your appointed trustee is supposed to administer the trust’s property and assets to your designated beneficiaries.
But until this time comes, your trustee must effectively manage these properties and assets. After all, since you virtually gave away your ownership rights over these transferred property and assets, your trustee may be considered the tentative legal owner of them. This means safeguarding property, investing assets, and handling necessary tax filings, among other things.
All the while, your trustee must establish an open line of communication with your beneficiary or beneficiaries. This means being transparent with the activities they are performing with the trust. With this, everything they do must work to the beneficiaries’ best interest, address their needs and concerns, and avoid conflicts of interest.
Who should I appoint as my trustee?
As you can likely conclude for yourself, a trustee is expected to execute many important responsibilities successfully. Any misstep may jeopardize the inheritance you worked so hard to preserve and pass down to your beneficiary or beneficiaries. With that, before appointing an individual as your trustee, you must ensure they exemplify all of the following characteristics:
- Your trustee should be someone who has always respected your beliefs and decisions throughout your lifetime.
- Your trustee should be someone who is experienced in and trustworthy with handling complex money matters.
- Your trustee should be someone who already has a healthy, positive relationship with your named beneficiaries.
- Your trustee should be someone who is willing and able to take on years’ worth of work in this management role.
- Your trustee should be someone who has always been good at handling conflict resolutions and complex issues.
To ensure your estate plan is well fleshed out, please seek the aid of one of the skilled Butler County estate planning & probate attorneys. You may rest better knowing that the team at Heritage Elder Law & Estate Planning, LLC, will not let you enter this legal process without being properly prepared. So please pick up the phone and request our services today.
