When you create a trust in Nevada, it is crucial you pick a trusted individual to carry it out in the event of your death or incapacitation. This person is called the trustee. Often, you will pick a family member, such as a spouse or child, as the trustee. But there are reasons why this may not be a good idea. In fact, in many instances, it may be advisable to just forego even considering a familial pick. Though these reasons are separate, they all come under one singular idea: This kind of trustee is disconnected from the family and can therefore generally perform the necessary duties with a more level head.
First of all, the trustee carries a lot of responsibility and, legally speaking, liability. They must carry out the duties laid out in the trust, regardless of who it benefits — and who it does not. An experienced trustee who was simply chosen because they share the same surname could lead to major legal missteps.
On the same note, being a trustee is extremely time-consuming. A trust will often last for many years, meaning the trustee must be involved with the process long after you have passed away. Because Nevada statutes regarding this matter sometimes change, they must also spend time reading up on new literature to make sure they stay within the law.
Finally, no family is without their issues. If yours is prone to arguments and fighting, it is very unwise to count on them to carry out your trust. Hiring a professional from the outside can avoid many issues like favoritism or nepotism.
If you are confused about what kind of trust you need or who to name as the trustee, it may be beneficial to speak to an estate planning attorney.