Many Nevada residents like to plan ahead to make sure their heirs are taken care of after they have died. As part of the estate planning process, they may need to decide if a will or trust is the best way to handle the distribution of their assets.
If they decide a trust is the best route for them to take, then they will need to decide who is the best person to administer that trust for their heirs. Obviously, they will want to pick someone that is qualified.
They need to make sure that person has no interests that will conflict with the job of managing the trust. Trustees should put the best interests of the trust over their own. For example, if they are also investment advisers, they should not place the trust funds in a vehicle that will pay them a commission.
If settlors decide that a trusted family member or friend would be an appropriate choice, they should pick someone who will outlive them. They should also pick someone who gets along well with others. If the trustee does not get along well with the beneficiaries, for example, it could cause problems down the line.
A trust usually means probate can be avoided and may be a better option for people with large estates. A trust might also be an appropriate vehicle if the settlor has concerns that a beneficiary would not be mature or financially savvy enough to handle a lump sum distribution under a will. The trust can contain language directing the trustee to make distributions only when the beneficiary achieves certain milestones, such as the attainment of a certain age.