If people set up a trust as part of their estate plan, they need to select someone to administer this trust. There are a few things people should consider as they choose someone to be their trustee.
Before people select a trustee, they may want to consider all the duties this person will perform. According to Forbes, a trustee may need to pay taxes and bills, as well as manage investments and properties associated with the trust. Additionally, the trustee may need to provide guidance if the beneficiaries cannot make certain decisions by themselves. As people consider their candidates, they should look for someone who is capable of handling so much responsibility.
What to look for in a trustee
People should carefully weigh the qualities of all their candidates. Are these people responsible? Do they have a history of successfully managing their own finances? People may also want to consider how much financial and legal knowledge a candidate has. If people set up a more complicated trust, it may be helpful if their trustee has more legal knowledge. Additionally, people may only want to consider candidates who live in Ohio. It may be difficult for people to manage a trust if they have to travel from another state.
What to consider before choosing a family member
Many people may want to choose a family member as a trustee. Forbes says that people should consider this carefully before they choose a family member to administer a trust. Many people set up a trust to provide for young children or relatives who cannot take care of themselves. Family members may have more insight into the kind of care parents want their children to receive. However, family members may not always be objective. If people have a complicated or contentious family situation, it may be best to choose a trustee who is not caught up in family affairs.
