When you create a trust, there are numerous decisions that you must make. One of the most important decisions is who you nominate as the trustee. Each trust is unique and each person who creates a trust will choose a trustee for different reasons; however, there are a few common factors that you should take into consideration before you choose your trustee.
- Location of Trust Assets: This is a practical consideration that may people fail to consider. If your trust contains tangible assets, such as real property, the location of the trust assets is important because the trustee is responsible for overseeing the assets. Your trustee needs to be located near the assets in order to perform this responsibility well.
- The Purpose and Complexity of The Trust: A simple trust, such as a pet trust that has as its sole purpose funding the care of a pet after your death may be relatively simple to administer. A complex trust, such as a charitable trust, on the other hand, can be extremely complicated to administer, requiring a more experienced trustee.
- Relationship of the Trustee to the Beneficiaries: Appointing a family member may offer the benefit of knowing the trustee well, and provide you with a certain degree of trust in your trustee; however, consider the relationship of the intended trustee to the beneficiaries of the trust. Ask yourself whether you could foresee a conflict of interest as a result of that relationship, or whether the trustee has a financial interest in the trust assets as a result of the relationship. Often, appointing a family member actually comes with more potential risk than gain.
- Financial Ability and Experience: Whether your trust assets are minimal or extensive, the purpose of the trust is to guard and grow those assets. Be sure to choose a trustee who has the financial ability and experience to accomplish both of those objectives.
The Law Offices of Richard B. Schneider, LLC is a member of the American Academy of Estate Planning Attorneys.
Tags: Estate Planning, trust, Trustee
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Source: http://www.rbsllc.com/blog/wills-and-trusts/choose-trustee/
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