Who should I choose to be in charge of my financial affairs?
Most people think first of their nearest relative when pondering the choice of a successor trustee for their living trust. A relative may be a sensible choice but you should reach that decision after a careful review of the responsibilities of a trustee.
Your trustee will be the fiduciary of your estate. That means they owe a duty of good faith, honesty and diligence to the role.
Choose a person who can make sound business decisions, understands banking and financial transactions, is well organized and has the time to devote to completing the job of settling your estate.
If you have made choices to treat your beneficiaries in a disparate manner, you might not want to expose a family member to the potential squabbles that could occur. Perhaps a close friend or trusted advisor might be a viable option.
And if your estate is large and complicated the best choice might be a corporate trustee. Professional trustees charge a fee but it will be worth the expense for the expertise they will bring to the job.
Finally, the great thing about a living trust is that it can be amended if circumstances change and the trustee you originally named is no longer appropriate.
Don’t let the fear of choosing a trustee keep you from the important decision to plan your estate
Contact us for a consultation to discuss your unique needs and wishes.