Figuring out who should be in charge of your trust can be difficult, but our lawyers have plenty of experience with this kind of thing. A Washtenaw County trusts attorney won’t just help you set up a trust. They can also tell you what it takes to oversee one and which kinds of qualities make for the right trustee,
What Exactly Does a Trustee Do?
A trustee has a few important jobs to do. They must:
- Try to grow the trust through investments in the short, mid, and long term
- Understand the tax implications of the trust and actions involving it
- Be able to disperse funds to beneficiaries
- Keep meticulous records of any trust-related transactions
- Do their best to carry out your wishes
What Kind of Qualities Does the Right Trustee Have?
The right trustee is likely to possess a few of the following qualities. The more these descriptors remind you of a friend or family member, the more likely they are to be a good candidate for this job. A trustee should:
Be organized: There’s a lot to keep track of when it comes to trusts. Someone who is organized is going to have an easier time keeping records and ensuring that nothing gets lost in the shuffle.
Maintain neutrality: The trustee is there to assist all beneficiaries. If you have multiple heirs, any decisions made should be made to benefit all of them equally.
Knowledgeable: A trustee has to know about the laws governing trusts and the related tax laws.
Financially responsible: A trust is usually meant to last its beneficiaries a long time. Being responsible and growing the trust whenever possible without squandering assets is a necessity.
Could My Lawyer Be the Right Trustee?
If you don’t have a friend or family member you want to appoint, the right trustee could be a professional one. This could be an attorney, but you could also decide to choose a company that specializes in offering this service or a bank that can serve as a trustee. If neutrality is a big concern, this may be the way to go.
What Should I Do Before Choosing the Person to Manage a Trust?
Once you have thought of some potential candidates, don’t forget to talk to the people you were thinking about choosing for this role. Someone could seem like the right trustee on paper, but they might have too many obligations and be unable to take on this responsibility. Some potential trustees may have their own reasons for declining to take on the role. This is not a responsibility that should just be sprung on people.
Schedule a Consultation
If you are thinking about establishing a trust and setting up an estate plan, you don’t have to do this on your own. Contact Collis, Griffor & Hendra to schedule a consultation with our team. Every estate is different, so we’re ready to help you make a plan that’s a good fit for you, your assets, and your heirs.
