Tips for Choosing a Trustee to Oversee Your Living Trust

Trust Lawyer O’Fallon, MO

If you are considering creating an estate plan, you will have a variety of important decisions to make. A living trust is one component to estate planning that people may choose to utilize when creating an estate plan. A living trust can offer many benefits to testator’s and their beneficiaries. Working with a trust lawyer can prove to be exponentially helpful when considering whether a living trust is appropriate for you and when determining who should oversee your living trust. Appointing a trustee is one of the most important decisions you will be required to make when putting together a living trust. They will be responsible for managing the assets of the trust and carrying out the wishes of the trust maker. Here are some tips for choosing a trustee to take on this great responsibility:

Tip #1: Recognize the Time Commitment

When sorting out who you should appoint as trustee over your living trust, it’s important to be aware that this role comes with a significant time commitment. A trustee stands to serve in this role for many years. Speak with the person you are considering for this responsibility ahead of time to avoid problems later on.

Tip #2: Make Sure They Understand Their Role

It’s not always necessary for a professional to carry this fiduciary role. In most cases, choosing someone who has the ability to know when to ask for help from a professional is enough. In some cases, certain situations may warrant the assistance of an attorney or financial advisor. However, with basic education regarding their role as trustee, they should be able to manage this responsibility with little experience under their belts. Despite this, you will want to make sure the person you have appointed understands what you are asking them. Taking on the role of a trustee is a significant responsibility. It’s important for a person to know what they are being asked long before agreeing to take on this role. This can help to ensure that they don’t later back out of their responsibilities.

Tip #3: Name Someone Responsible

It’s key that the person you choose is someone who is responsible and, that you can trust. A trustee holds the great duty of managing the trust you have created and making sure that your wishes are carried out in the way you would like. There is a great amount of responsibility in doing this.

Tip #4: Find a Balance

There are a few things to consider when identifying a balanced person to act as trustee. You will want to choose someone who doesn’t have serious conflict with your family. A trustee that the family has challenges in getting along with can create a lot of familial strife. Choosing a trustee that the family can work with and, has the ability to draw firm lines will be important.

Tip #5: Consider Whether You Need a Professional

Choosing a professional fiduciary to oversee the living trust may be appropriate, especially in situations where there is conflict amongst the family. A professional fiduciary may have the ability to help keep conflicts at bay while also safeguarding your assets. Additionally, they may be able to help grow assets through the investments they make.

Are you considering whether a living trust would be an appropriate addition to your estate plan? Contacting a trust lawyer O’Fallon, MO offers can prove helpful when making decisions regarding significant life decisions regarding your estate. With the help of a lawyer, you may be able to obtain the guidance you need in making the most informed decision possible.

Contact Legacy Law Center for their insight into estate planning and tips for choosing a trustee.