Creating a trust is a big step in the right direction. However, you aren’t done until you have named the right trustee.
As simple as this sounds on the surface, it can actually be quite complex. You know this is a big decision, and you don’t want to make a choice that could work against your loved ones in the future.
Here are a few guidelines for selecting the right trustee:
— Make sure you can put all your trust in this person. Your trustee is staffed with many responsibilities, so you must be able to trust him or her to act in a responsible manner at all times.
— Be sure your trustee will be around. While you never know what the future holds, you should do your best to choose a trustee who will outlive you. This means you should take the person’s age and health into consideration.
— Review your selection often. When you choose a trustee, you hope that you can leave well enough alone for the rest of your life. However, this may not be the way things work out. For example, your first trustee may pass on before you. In this case, you need to immediately name somebody else.
These are the types of guidelines you should follow when selecting a trustee. This advice may be just what you need to make the right choice at the right time.
If you are on the fence or if you don’t know what to do next, take a step back. You can use this time to consult with your family or a legal professional.
Source: AARP, “Choose the Right Executor or Trustee,” accessed July 28, 2016