How To Choose the Right Trustee For Your Trust
by
Joubin Sedgh on Feb. 14, 2013
Estate Estate Planning Estate Trusts
Summary: Choosing the right person as a Trustee; trustee's duties and characteristics; managing assets and investments; relationship between trustee and beneficiaries
How To Choose the Right
Trustee For Your Trust
Choosing the trustee of
your living trust is an important task and shouldn’t be made without thorough
thought. Trustee’s job is to serve if you are no longer able to serve,
due to mental illness or other conditions. He will step into your shoes and
further your goals by carrying out your instructions. Here are the some
important yet relatively easy steps to choosing a trustee.
The
ideal characteristics of a trustee, which are:
1.
Honesty
2.
Dedication to you
3.
Willingness to ask for help
4.
Ability to communicate with and get along with your
beneficiaries and trusted advisors
5.
The willingness to follow the instructions from your trust and
your trusted advisors
6.
Good record keeping skills
7.
Financial knowledge
Consider
whether the individual you’re thinking of has the time and energy to take on
the task of serving as trustee. Ask your potential trustees if they are willing
and able to serve. Discuss trustee duties such as:
- Carrying out the trust
instructions
- Managing assets, including
real estate or business interests
- Investing assets
- Paying bills
- Filing taxes
- Communicating with
beneficiaries, guardians for minor children, and trusted advisors
Remember,
you will name a trustee and an alternative trustee in your trust and you can update
that information on a regular basis.
Follow
these steps for choosing a trustee and you’ll make the best choice
possible. If you don’t have a family member or friend who fits the bill,
you have the option of naming a professional trustee such as a private
fiduciary, CPA, bank, or trust company.
Whomever you name, be sure to let them know where you keep your estate planning documents and other important papers and how to contact your trusted advisors. For more information, you can visit our website at www.JsLosAngelesAttorney.com. If you have not yet named trustees in your estates plan, call our office at (310) 270-9462 for a consultation; we’d be happy to help you in that regard.