Tips for choosing a trustee

On Behalf of | Oct 17, 2019 | Trusts

Nevada residents may benefit from using a trust as part of their estate plans. However, determining what type of trust to have is just one issue that they will need to contend with. It is also important to spend time thinking about who would be the best fit to act as the trustee. Ideally, the person who is chosen to fill the role will understand what the grantor wants to accomplish with this tool.

Furthermore, a trustee will need to be able to manage money and make distributions in a manner consistent with the trust’s language. Therefore, it may not always be the best idea to choose a friend or family member to act as a trustee. Such a person may have a hard time saying no to people regardless of if doing so is in a beneficiary’s best interest.

It is possible to designate a bank or financial adviser as a trustee in lieu of a friend or family member. It is also possible to designate both a friend and a financial adviser as trustees. Working with a professional may be ideal because this individual won’t have any emotional ties to a beneficiary. Therefore, the trust will be administered in an objective manner at all times.

The use of a trust could help a parent help surviving family members meet their financial goals. It may also make it possible for single individuals to leave money behind for their former college or to care for a pet. An attorney may help a client choose a trust that best meets his or her needs as well as help that person choose a trustee.