Who Makes for a Good Trustee?

Once you have already done the necessary work with an estate planning lawyer to create a trust, the next important decision to consider is who you will trust to handle your legacy. This is known as appointing the trustee of your trust, and there are several different factors to consider when selecting this person.trust, trustee

The first is their versatility to adapt to the changing tax, financial, legal and business climate because the right fit is usually someone who has the right combination of expertise, personality and comfort.

The second thing to consider when selecting a trustee for your estate is the ability for that person to act in the best interests of the trust based on the terms that you have authored in that trust. In some cases, trustees must balance competing decisions and determine what is in the best interests of the beneficiaries and in line with the terms of the trust.

The final important factor to consider when selecting someone to serve as your trustee is this person’s willingness to take on the liabilities and the responsibilities associated with carrying out your goals. This is especially important if you’re thinking about asking a friend or family member to take on this responsibility.

This person might be close to you and understand some of the underlying estate plan and legacy goals you have, but they may not feel comfortable serving in this role unless you’ve had the opportunity to speak to them about it. This is why it is recommended that you identify an experienced and qualified person who you can also trust to carry out your personal decisions. Set aside time to meet with a lawyer today to discuss your next steps. Our NH and Maine estate planning lawyers are resources for you and your needs.

Tags: No tags

Add a Comment

Your email address will not be published. Required fields are marked *