Tips for Choosing a Trustee

Don’t overlook the importance of selecting a proper trustee for your estate planning. Regardless of the type of trust you are planning to use, you need to ensure that you have selected an appropriate individual. In many cases, trustees have a great deal of power and authority and it is not a decision you should take lightly as a business owner or individual.

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The gut reaction for many people is to select a child as the trustee. There can be negative ramifications of doing this by dividing the family in the future or by giving authority to someone who hasn’t received the proper advice and education about it. Instead, you may want to give some thought to using a professional individual. Attorneys and accountants, for example, can serve as trustees. They are more likely to understand their responsibilities and bring unique experience to table, but it can be expensive. There are, however, many situations where asking a professional to take control simply makes sense.