Who Wants to Be the Trustee?

As the new year begins, many of us are reflecting on our goals and priorities. For some, this includes getting finances and personal affairs in order, making estate planning one of the most impactful New Year’s resolutions. Setting up a trust can help ensure protection for your assets and peace of mind for your loved ones.

When setting up a trust, selecting a trustee is an important step. It is critical that you choose the right person to administer your trust in the event of your incapacity or death. Criteria you should consider for potential trustees includes being willing and available to serve, health considerations, trustworthiness, organizational skills, and the ability to act impartially to administer your trust.

1. Make sure that anyone you select as a trustee is willing and available to serve. Some people may not want that responsibility soon or in the future or may have other pressing matters in their life that would take precedence. It is a good idea to meet with potential candidates and discuss your desire for them to serve. If someone is unable or unwilling to serve, then you can select others who may be better suited for the role, along with successors in the event something happens to them.
2. Consider the age and health of anyone you select as a trustee. If they are not well or are struggling to handle their own affairs, they may not be in a position to take on the additional responsibility of being your trustee if something happens to you.
3. Select someone you trust as they will have full access to and control over your assets. Be sure they will follow the instructions of your trust, keep detailed records, and follow your wishes as you intended.
4. Choose someone who is grounded and who will act in good faith reliance on your trust and act impartially toward your beneficiaries to avoid any potential conflicts of interest.

The start of a new year is the perfect time to prioritize the future and begin building a solid estate plan. Whether you're setting up a trust or exploring other options, the attorneys at Wright Beamer are here to help. Contact our office at 248.477.6300 to start building a plan tailored to your unique goals and needs.