What should you consider when choosing a trustee?

On Behalf of | Mar 19, 2020 | Blog

When working on your estate plan, you may have decided that using trusts would help you protect assets and achieve other goals you have for your estate and family’s future. Making this decision may bring about some peace of mind because you know that the assets will pass directly to your intended beneficiaries and stay out of reach of creditors and other claimants.

Of course, after your passing, you will need someone to take over the management of the trust. Choosing a trustee is not a decision that you should take lightly because a lot of work and responsibility can go into the job. As a result, you may want to give the appointment a lot of thought before coming to a final decision.

Consider your candidates

You may already have a couple of people in mind whom you believe would suit the role. However, it is important that you assess their skills and experience before choosing. You may think that your oldest child would be best simply due to being the eldest, but if you have a younger child with skills more suited to the role, he or she may be a better choice. 

If you are considering appointing one of your children or another family member, you may want to determine whether the appointment could cause any animosity. If sibling rivalry will get in the way of a trustee doing his or her job, it may be better in the long run to choose someone else. A professional trustee service could provide an unbiased approach to managing your trust and prevent family feelings from getting in the way.

Is your candidate willing?

You may think you have the perfect person in mind because he or she has skills useful to the role. You may also trust the person, and you do not believe that the appointment would cause unnecessary strife among others. However, it is important to ask the person whether he or she wants the position. It can take a lot of time and effort to manage a trust, and some people, no matter how qualified, do not want the responsibility.

Because making a trustee appointment is so important, you will want to gain as much information as you can to help you make the right choice. Discussing your choices for potential trustee candidates and your wishes for your trust with a knowledgeable Nevada attorney could help you with this task.