Choosing the right trustee is one of the most important parts of developing an estate plan. A trust helps you protect yourself, your assets and your loved ones once you are gone. If you don’t choose someone who is responsible enough to handle the trust, then you could be in a lot of trouble. Let’s take a look at how to choose the right trustee to administer the trust for you upon your death or incapacitation.
You need to choose someone who likely won’t precede you in death. If this happens, it can lead to issues with your trust and your estate.
An attorney will be able to help you understand the times when you should avoid and use corporate trustees. What is a corporate trustee? This is when you name a bank or other financial institution as the trustee instead of a family friend or loved one.
You might also want to consider naming multiple people as trustees. It may be best to have co-trustees when there will need to make major decisions on a considerable number of assets in your trust. In this case, more than one person can make the situation easier to handle.
When it’s time for you to choose the right trustee, you need to follow the tips we’ve discussed here. There may be other factors to consider based on your unique circumstances. Just be sure to discuss the matter with anyone you’re considering choosing to handle the administration of your trust. You need to be sure that they are able and willing to handle this important responsibility.