How Should You Choose A Trustee For Your Estate?
No matter who you are, or what is in your estate, choosing a trustee is one of the most important decisions that you can make.
Given this fact, it is of the utmost importance that you learn how you should choose a trustee for your estate and, in doing so, speak with a lawyer who can assist you with the process.
What Is A Trustee And Why Are They Important?
A trustee is a third party – a family member, for example, or a close friend – who you authorize to execute and manage the assets within your trust.
Some of the different tasks that a trustee will need to undertake are as follows:
- Keeping records on the assets within your trust.
- Paying any and all relevant taxes.
- Managing the investments that comprise the trust.
Given the complexities of executing and managing the assets within a trust, as well as the challenges that can arise from doing so, choosing the appropriate trustee for your estate is a very important decision.
How Should You Choose A Trustee For Your Estate?
To choose a trustee for your estate, there are three questions that you must ask. And, these questions are as follows:
- Is the person whom you would like to be your trustee capable of serving as your trustee?
- If you name this person as your trustee, will doing so create any problems?
- Do you trust the person whom you would like to be your trustee?
We will go over each one of these questions and why you must ask.
Is The Person Whom You Would Like To Be Your Trustee Capable Of Serving As Your Trustee?
Right away, you must ask whether or not the person whom you would like to be your trustee is capable of actually serving as your trustee.
Some of the abilities that a trustee must have are as follows:
- Keeping good, thorough records.
- Managing, and paying, taxes.
- Recording investments and making good investment decisions.
Outside of the above, a trustee must have the time and energy necessary to manage your estate. But, if they don’t, or if they don’t have the abilities outlined above, then they may not be a good trustee.
If You Name This Person As Your Trustee, Will Doing So Create Any Problems?
Sometimes, the act of naming a particular person as your trustee can create problems between you and your family members.
Given the fact outlined above, it is always worth considering whether or not naming a particular person as your trustee will create any familial problems or, for that matter, any other problems that you can foresee.
If you find that the answer is “Yes,” then it may be wise to consider naming another person. But, if you find that these problems are minor, then it may be wise to name that person as your trustee.
Do You Trust The Person Whom You Would Like To Be Your Trustee?
Giving someone the power to be your trustee grants that person a great deal of access into your life and, in turn, a great deal of control of your assets.
If you do not – on a deep, fundamental level – trust the person whom you would like to be your trustee, then they should not be your trustee. But, if you do trust them, very deeply, then, so long as the answers to the questions are favorable, that person should be your trustee.
Speak With A Florida Estate Planning Lawyer Today
Choosing who will be the trustee for your estate is an important, and often quite difficult, decision. Speak with a Florida estate planning lawyer at the Millhorn Elder Law Planning Group today and we will assist you in choosing the best possible trustee.
Source:
law.cornell.edu/wex/trustee
law.cornell.edu/wex/trust
law.cornell.edu/wex/trust_administration
