Advice For Picking A Trustee

Parklin Law

It is always required to designate current trustees and successor trustees when establishing a trust. Successor trustees are the individuals or organizations that take over when the original trustees are no longer able to serve due to death, incapacity, or other circumstances.

Understanding that appointing a trustee who is unable or unwilling to uphold the conditions of the trust could undermine an otherwise outstanding trust is crucial.

Perhaps too frequently, parents appoint one or more of their offspring to administer the estate’s distribution.

It may be suitable to name one or more children if everyone gets along, has faith in and confidence in one another, and is being treated in a way that most people would consider to be just.

This strategy is quite popular and frequently effective.

However, there may be some trusts that necessitate taking great care when selecting trustees and outlining the extent of their authority.

Basic Qualifications

Any person chosen to serve as trustee must be someone who can be relied upon to uphold the trust’s conditions without introducing their own biases.

The trustee should also be someone who will step up and finish the job. I often hear from beneficiaries who say that their trustee, who is frequently a sibling, is doing nothing and that months and years have gone by with no progress made in the administration and distribution of the parents’ estate.

A trustee should be someone with strong organizational abilities, a strong work ethic, as well as the time and financial acumen necessary to effectively manage the trust

The goals and benefits of the trust may be jeopardized if the Trustee does not at least meet these requirements. The trustee should not be an attorney, but they should have a fundamental knowledge of money matters and investing.

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Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.