Choosing The Right Trustee For Your Trust

Creating an estate plan is one of the most loving and responsible things you can do for your family. You may have chosen to establish a trust and transfer property into it. This is one of the most effective and efficient ways to retain control of your assets throughout your lifetime and ensure a seamless distribution to beneficiaries after you pass away. To ensure a smooth transition, it is important to choose the right trustee for your trust.

The trustee will take control of the trust after you pass away. They have a legal duty to follow the instructions within the trust and distribute the property accordingly. Choosing your trustee is one of the most important steps when establishing a trust. Below, our St. Petersburg trust planning attorney provides some tips to follow.

Important Considerations when Choosing a Trustee 

There are many important factors to consider when choosing a trustee. Although you can choose any trustee that is at least 18 years old, there are some characteristics your trustee should have. These include:

• Trustworthiness: Your trustee will have access to any property you placed in the trust and they will have little oversight. If you have any questions about a person’s trustworthiness, it may be best to appoint another person as trustee.
• Financial intelligence: Your trustee does not have to be a financial expert. However, they should have a basic understanding of finances, be able to make good financial decisions, and know how to manage a budget.
• Commitment to the trust: No one wants to think about it but trustees sometimes face pressure from other relatives to administer the trust in a way that differs from the instructions you left. Other family members may want to challenge how the trust is being managed. It is important to choose someone who will remain committed to the trust and the instructions you left within it.
• Willingness: Administering a trust can take a great deal of time and effort, particularly if the trust has a high net worth, multiple beneficiaries, complex assets, or if there is a dispute. Anyone you choose as trustee should be willing to take on the role.

Does the Trustee Have to Be a Family Member? 

Your trustee does not have to be related to you. Although many people choose loved ones, there are other options. People often choose a professional who has no relation to the family, usually an accountant or attorney, to take on the role of successor trustee. Trust companies and banks also administer thousands of trusts for grantors. These professionals can provide a high level of financial and legal expertise to ensure the trust is administered properly.

Our Trust Planning Attorney in St. Petersburg Can Provide the Advice You Need 

There are many decisions to make when establishing a trust and choosing a trustee is just one of them. At Legacy Protection Lawyers, LLP, our St. Petersburg trust planning attorney provides the sound advice you need so you can make informed decisions and have the confidence you need going forward. Call us today at 727-471-5868 or contact us online to request a consultation and to learn more about how we can help with your case.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html