Who should be my trustee?
Typically, with a living trust, YOU are the initial trustee. (In fact, you are the trustor or grantor—setting up the trust—AND the trustee—manager of the trust.)
Your successor trustee is the person who you select to manage your trust assets for you after you (or with you or instead of you, depending on your circumstances). There are a few things to be aware of when deciding on a trustee:
You must trust your successor trustee to make sound financial decisions for you. For example, working with your CPA to file taxes if you’re incapacitated during April, or making sure your mortgage is getting paid.
Your successor trustee is responsible for making sure that your assets get where you want them to go when you die. For example, if you want all your assets split equally among your children, it’s going to be your successor trustee who makes that happen. If you want your neighbor to get your dining table, your friend to get a piece of art, and your siblings to get x% and your dog to be taken care of…. it’s your successor trustee who is going to make sure that happens.
Your successor trustee does NOT have to be a processional fiduciary? Most people prefer to have someone they know (a friend or family member) fill this role. Many times it’s helpful to have someone who knows you and your values and who would make wise/sound financial decisions if they have to do that.
So who should you pick as your trustee? Someone you actually trust to make financial decisions and do what you want done.
If you want to discuss more, contact me for a complimentary consultation!