When You Create An Estate Plan: Qualities To Look For In An Estate Plan Trustee

At some point in your life, you will hopefully create an estate plan. I encourage this be done sooner rather than later.

When you create an estate plan, you should also consider a trust.

Many estate plans created include at least one trust and often a variety of different trusts. When you create an estate plan, you will need to name someone as your trustee. This is a person who will have several responsibilities. Among the many responsibilities a trustee has, there are several that include financial responsibilities. To help you in your decision-making process, I’ve outlined the main qualities to look for when selecting your trustee.

Very often people will consider a family member or friend for the trustee role when creating an estate plan.

You may change your mind after reading this article, and as you realize that depending on the size and type of your estate and assets, your trustee must be someone who has good organizational skills. A trustee must gather assets, safeguard, and manage them, as well as make distributions according to the terms of the trust. So, remember that record-keeping and organizational skills are important.

Estate Plan Trustees Need Honesty

Greater than other qualities you’ll want your Trustee to be honest. Trustees deal with money and property which they will be disbursing to your beneficiaries. They may also be paying benefits to a disabled or incapacitated loved one. The person you choose needs to have the integrity to take care of trust assets and beneficiaries in an honest way and will not be tempted to help themselves to your assets.

Willingness To Commit And Reliability

If you own a business, your trustee may be called upon to keep your business operating during probate or longer. The commitment to step up and manage business assets in an estate is integral. Time considerations are important as well. Your trustee must have the time to attend to the roles and responsibilities of your trust. Additionally, your trustee may have to meet deadlines, make deposits and/or exercise tax elections. If these are roles your trustee will be responsible for, you’ll need to select someone you know is reliable.

Impartiality

Acting in the best interests of the trust and its beneficiaries is the primary role of a trustee. A good trustee must be impartial, especially if disputes arise between beneficiaries. If your trustee has personal relationships with your family and beneficiaries, it’s important to know that favoritism will not be shown.

You may end up selecting a family member or friend as your trustee when you create an estate plan. In some cases, great! In other cases, you may need more consideration.

You may have friends and family members who meet all the qualities I’ve described and more. But just because someone is your friend or family member doesn’t mean they will make a good trustee. Talk to an estate planning attorney before setting up a trust or choosing a trustee. If you are ready to begin this process, give my office a call at (470) 235-7868. I may be able to help you decide who may be the best trustee as well.

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!

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