Establishing a trust in New Hampshire requires that you appoint a trustee to manage it. Living trusts may be used for any estate that has a high value of assets and/or possible complications.
Living trusts allow people to exercise greater control over when and how their money gets dispersed to their heirs, both during the course of their life and after they pass away, which is significantly different than leaving the funds outright to a beneficiary in a will.
Most people serve as the primary trustee on their own living trust but will need to appoint a backup trustee or can appoint someone else outright. If you create an irrevocable trust, you will appoint another person to serve as the trustee. As the trust creator, also known as the grantor, you should think carefully about who you name as a trustee.
Here are some questions to keep in mind as you think about naming this person:
• Do they have the appropriate financial know how to make critical financial decisions related to assets in the trust?
• Would it further complicate things to appoint a co-trustee or is it necessary due to the structure of the trust itself?
• Does it make sense to hire an outside professional, such as someone who works with a trust or bank company or attorney?
• If a family member is appointed in this role, how much time and ability do they have to serve to function in this role?
As you can see, there are many unique considerations for naming a trustee of a living or other trust. Finding the right person to serve in this role is extremely important as they will be responsible for administering the trust and communicating with beneficiaries. Take time to communicate with a lawyer in Dover, NH regarding your next steps.