January 7, 2019

The laws are generally not very strict about who can serve in the important role of a trustee or administrator of your established trust. However, some careful thought and consideration should go into this process. The legal requirements for a person to serve as a trustee require that he or she be over 18 years of age, is capable of managing their own affairs, and are legally competent.

As a factor in selecting your own trustee, the primary consideration should be choosing a person who is trustworthy. The trustee has a responsibility to act in the best interests of the beneficiary.

While your trustee does not have to have specific financial or legal expertise, you must be sure that this person has relatively good judgment and understands the terms of the trust. Federal benefit program knowledge should also be a factor to look for when selecting a person who will help to administer a special needs trust.

Furthermore, you must be aware of the possibility that a trustee might have to manage the trust for a long period of time. This means your selection of trustee should be a person who will likely be around for quite a while and has the time and ability to devote to trustee duties.

This individual has to be of sound mind and body. An independent trustee might be a better selection for you because this is an institution or individual who has no direct interest in the trust.

Common examples of independent trustees include investment bankers, professional trustees, a bank or a trust company, an investment advisor, a lawyer or an accountant. This individual will be independent but will also likely have the benefit of being familiar with trust administration.