Don't Leave Your Trustee Clueless!

Is this the year to get your estate documents in order? If you are planning on creating a trust, make sure to communicate with the person you name as your trustee! While many individuals may consider appointing a family member or close friend as trustee, we caution against doing so IF they lack the qualifications. In such cases, opting for a professional trustee, such as a financial advisor, attorney, or trust company, may be a smart alternative.

It's important to choose a knowledgeable trustee for your estate plan to avoid potential pitfalls. The role of the trustee is managing assets and ensuring that your wishes are carried out effectively.

Tips for selecting a trustee

1. Consider their financial acumen. This can help optimize asset management, minimize tax liabilities, and protect the long-term interests of beneficiaries.
2. Are they a person of integrity? This entails not only adhering to legal and ethical standards but also demonstrating transparency and accountability in their decision-making processes.
3. Are they willing to serve? Do they have the time and energy...and do they want to?

If you have questions about naming a trustee or would like to create a trust, give us a call!

Reference: MarketWatch, David Robinson: January 11, 2024, Don’t leave a clueless trustee behind in your estate plan