As this blog has previously discussed, a trustee has an important role to play in the trust administration process. If you are setting up a trust, you should know what to look for when selecting your trustee.
Trustworthiness
One of the first things you should look for when selecting a trustee is someone who is trustworthy. They will be managing assets for the benefit of your beneficiary and you want to be able to trust that they will do that well. You will want to pick someone who is good with money or will be able to use the resources of an investment advisor.
People who are planning their estates typically look first to friends and family to serve as trustee. Sometimes, these people can make for a good trustee. At other times, if the trustee is a friend or family member they may be part of a difficult family dynamic. One option to consider is a professional trustee such as an attorney or accountant. They may charge a fee for the service but may end up costing your family less in terms of the drama involved.
Think carefully
There are pluses and minuses to whatever type of trustee you choose. What is most important is that you know what to evaluate when making a choice of trustee and make the selection that is best for your situation and estate. Estate planning tools are available to help you manage your unique needs for your estate, including setting up a trust and deciding on who is the best person to administer your trust for you.
