If you decide that a trust is right for you and your specific situation, you will need to designate a trustee of your trust.
A trustee can be one person, multiple people, or what is called a “corporate trustee,” such as a bank or trust company staffed by people who manage trust assets. It is essential to choose the right trustee because this person or institution is responsible for carrying out your wishes and protecting trust assets.
Many grantors name a spouse, an adult child, a relative, or a close personal friend as trustee. The person you choose must have the ability to serve in this capacity and the willingness to devote all of the time and energy necessary to carry out the mandates of the trust. It is important to note that the trustee must administer the trust faithfully and accurately. He or she can be held legally and financially responsible for any mistakes, even those that are unintentional. This is why you should think long and hard about your choice of trustee. Do not take this important decision lightly.
Please contact us today to schedule a time to discuss your estate planning needs.