Is My Child My Best Choice for My Trustee?
Do you wonder who should be your trustee? Many people feel that their children should take on this role, but before making this decision it is critical that you understand the responsibilities and duties involved. You should not, however, make this important decision until you know what a trustee is and what the trust responsible for in your life.
Maybe you start by wondering, what is a trustee? A trustee is the person who is going to be in charge of your trust. This includes the management, investment and distribution of all of the assets you place in your trust. You can choose to be your own trustee during your lifetime while you have capacity, or you can delegate this job to someone else. If you are your own trustee, you need to name a successor as should you become incapacitated or unable to handle your affairs, your trust needs someone to step into this role pursuant to the terms you create with your estate planning attorney.
If you have children you are probably thinking that they are the best choice to be your trustee. This is not wrong, but it is also may not be right for every family; each family is different and has a unique relationship. This is a serious responsibility, one where your first priority should not be “being fair” to your children. Instead, you need to make the wisest decision for you and your estate, including the assets that are held in your trust. If you keep this mindset when choosing a trustee, you will benefit everyone involved, including your children.
If you are having doubts or concerns about who your trustee should be, don’t wait to get the advice you need from an attorney you trust. Do not feel pressured to put your children in this position if you do not think it is the best choice. There is too much at stake to appoint the wrong person as your trustee. If you have questions or want more information, Attorney Donna Wilson is here to help you and your family! Don’t wait to call us at 866-603-5976 or contact us via our website to schedule a meeting with Donna directly.