Choosing someone to manage your assets and fulfill your wishes is no small task. The right trustee will offer peace of mind, knowing your legacy is in capable and trustworthy hands. What qualities should you prioritize when making this crucial decision?
Selecting a trustee involves more than ticking off a checklist
When selecting a trustee, consider these essential qualities:
- Integrity: Your trustee should be someone you trust implicitly, with a strong moral compass and a commitment to acting in your best interests.
- Financial acumen: Managing a trust requires a solid understanding of financial concepts, including investment strategies and tax implications.
- Communication skills: A good trustee should be able to clearly communicate with beneficiaries, keeping them informed about trust activities and decisions.
- Impartiality: A trustee must be able to make objective decisions unaffected by personal biases or interests.
- Availability: Your trustee should have the time and resources to devote to managing your trust, potentially over an extended period.
- Knowledge of your goals and values: A trustee who understands your vision and priorities can make informed decisions that align with your wishes.
Aside from these characteristics, you must also evaluate their eligibility. A trustee must be at least 18 years old and of sound mind. They should not have any felony convictions related to dishonesty or breach of trust.
Remember, a trustee’s responsibilities extend beyond simple asset management. They must interpret and follow the trust document, make investment decisions, file tax returns and distribute assets according to your instructions. You will need someone who can carry out these tasks with the utmost respect for your intentions.
Safeguard your legacy with someone you can trust
Creating a trust and choosing a trustee are processes that may require legal guidance. Do not hesitate to work with an attorney. They can help you make an informed choice that provides peace of mind for you and your beneficiaries.
