How To Decide on a Successor Trustee for your Estate Plan

August 10, 2022    |    Sage Capone

The decision on appointing a Trustee or Successor Trustee for your Estate Plan should take careful consideration. Most times parents tend to choose the eldest child or a good friend. However, you need to ask yourself several questions before making this decision. Here are some simple guidelines to consider.

So, what characters or duties does the Trustee need to entail. Most times parents automatically think the eldest child is best suited. This isn’t always the case. In some instances, the youngest child could have the best temperament or skill set to take on the task of being the Trustee. You need to consider who might be fair-minded, responsible, and trustworthy.

Location is another huge factor to consider in appointing your Trustee. We have found throughout the years in working with our clients, it is more suitable to have the Trustee live close in proximity. This allows he or she the ease and time to carry out the duties. Should you choose a Trustee out of state, expenses will be incurred to administer the Trust which will take away the amount paid to the beneficiaries.

Lastly, depending on the complexity of your Trust it is best to consider a Trustee who is either impartial to the family, levelheaded and is not in any form of conflict with family members. The task of being a Trustee might become arduous and involve some bickering with family members. If that is the case, the best decision would be to name a corporate Trustee to administer your Trust. Whichever way you decide in assigning your Trustee be sure to convey to the responsibility of their role and your future intentions