If you are creating a Trust, the most important thing that you should consider is who to appoint to serve as a Trustee. In most cases, the best Trustee will be a bank or attorney who can give the Trust professional care. However, professionals cost money and they might not be right for every Trust. For example, if you are creating a small Trust for a grandchild of a few thousand dollars, a professional Trustee is not necessary.
If you are not going to hire a professional Trustee, you still need to appoint someone who will act professionally when handling the Trust assets, no matter how many or how few those assets are. Normally, people appoint family members who have an interest in seeing that the assets of the Trust beneficiary are taken care of appropriately. However, you should not appoint a family member just because they are a close relative. For example, if you are creating a Trust for a grandchild, you should not appoint one of the parents as Trustee, if the parents are not financially responsible. Instead, you should look elsewhere.
Selecting the best Trustee for any particular Trust is important, but it does not need to be difficult. Talk to your attorney about your options.
- Famous Estates-Champ or Chump? Nelson Mandela - September 27, 2019
- Famous Estates-Champ or Chump? Jane Fonda - September 13, 2019
- Texas Trivia – Name the first of six flags to fly over Texas. - September 6, 2019