How To Select A Trustee
When creating a trust, you will have to make many decisions. One of the most important decisions is selecting who will serve as the trustee of the trust. A trust is a document containing legally binding instructions, and the trustee is responsible for carrying out those instructions.
Your trustee must consistently follow your intents as expressed in the terms of the trust as well as the statutory obligations of a trustee under the law. Such responsibilities include investing assets owned by the trust, distributing property to beneficiaries, and more. As such, it is important that you choose your trustee wisely. Below, our St. Petersburg trust planning attorney outlines tips to consider when selecting the trustee.
Legal and Financial Expertise is Not Necessary
Your trustee is not required to have any legal or financial expertise. However, it is recommended that trustees work with an attorney and potentially other professionals who can help with the nuances involved in administering a trust.
Although trustees do not have to be experts, they should be organized and able to make fair decisions for all beneficiaries. A trustee should also be available to beneficiaries and others, and have good communication skills.
Trustworthiness is Essential
The most important quality to look for in any trustee is trustworthiness. You must be able to trust the individual to follow out your intentions as expressed in your trust. Your trustee will have to manage your property in a manner that honors your wishes, whether that is making charitable donations, providing for loved ones, or carrying out any other instructions you have left.
Many people choose a trusted relative or close friend to serve as trustee because they understand your priorities and values. Children, siblings, or trusted friends may know your intentions regarding the distribution of your property, carrying out specific instructions, or funding healthcare or education for your children.
Choose a Successor Trustee
There may come a time when the trustee you have chosen cannot serve in the role. For this reason, it is important to choose at least one successor trustee. You can name multiple successor trustees in order of priority, if you desire. People sometimes choose a successor trustee from a different generation, or a professional entity, such as a trust company or licensed trust attorney. This can help ensure seamless management of the trust.
It is important to note that trusts do not fail because a successor trustee has not been named. However, naming a successor trustee allows you to still be in control of who is acting as trustee of the trust if the original trustee is unable to serve.
Contact a Trust Planning Attorney in St. Petersburg
There are many important decisions to make when creating a trust and you should not make them on your own. A St. Petersburg trust planning attorney can provide the advice you need. At Legacy Protection Lawyers, LLP, our knowledgeable attorney can help you choose the right trustee for your needs and ensure your trust is funded and executed properly so you can have the peace of mind you need. Call us now at 727-471-5868 or contact us online to schedule a consultation and to get the legal help you need.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html
