choosing a trustee

Estate Planning

How to Choose the Right Trustee for my Estate Plan

Feb-28 2023

Choosing the right trustee for your trust is a crucial decision in estate planning. A trustee is responsible for managing the trust's assets and ensuring that the terms you defined in the trust are carried out the way you want. The trustee you choose will play a significant role in the success of your estate plan, so it's important to choose someone who is trustworthy, competent, and has your best interests in mind.

Here are some key factors to consider when choosing a trustee:

Trustworthiness: Be sure to choose a trustee who you trust (makes sense, right!). Think about someone you know well who is reliable, honest, ethical, and will act in your best interest.

Competence: Managing a trust can be tricky at times. Choosing someone who is responsible with their own finances, makes sound personal decisions and has good communication skills is a good place to start.

Willingness to Serve: Before you choose someone, make sure to let them know you'd like to include them in your plan, then confirm that they understand the responsibilities of the role and are willing and able to fulfill them.

Relationship to Beneficiaries: Consider the relationship between your trustee and your beneficiaries. If your trustee has a close relationship with your beneficiaries, this could be an advantage in terms of communication and understanding their needs.

Geographic Location: Consider the geographic location of your trustee. If your trustee lives far away, it could be more challenging to manage the assets in the trust, especially if you have physical property.

Choosing a trustee for your trust is an important part of estate planning. Consider the trustworthiness, competence, and willingness to serve of your trustee. Additionally, think about their relationship to your beneficiaries and their geographic location. Be sure to let your trustee know their role in your plans so there are no questions later.

To get started writing your trust, begin here.