Not just anyone can serve as a trustee. This is a person who is going to be in charge of your trust for you, so you’re going to want to carefully consider who is appointed. If you are not exactly sure how to start narrowing down your list of potential candidates, our Rockland County estate planning lawyers know all about trusts and might be able to help.

What Does a Trustee Have to Do?

Managing a trust comes with many important responsibilities. A trustee should be able to:

  • Invest assets in line with the short- and long-term goals of the trust
  • Follow instructions left behind by the grantor, the person who made the trust
  • Know when to sell or buy assets within a trust
  • Distribute funds to beneficiaries
  • Protect trust assets from creditors
  • Understand the tax implications of the trust
  • Properly track all of the above actions and document them

This can be a lot of work, which is why it’s important to talk to your trustee candidates before you make any big decisions. Someone might seem like the ideal pick on paper, but you need to make sure that they can actually handle these obligations. If they have too much going on or if they do not feel comfortable managing such responsibilities, it’s important to know that so that someone else can be chosen.

What Are Some Good Qualities to Look for in a Trustee?

Picking the right candidate can seem difficult, but there are a few qualities that every trustee should have. If you find someone who can offer any of these things, then they should be under consideration for this role:

Organization: A good trustee candidate always seems to have it together. They aren’t scrambling to gather up the relevant paperwork for tax season because they’re already organized. This position requires someone to keep track of a lot and keep notes about any changes to the trust, so being organized is a must.

Communication skills: Trustees need to talk to financial advisors, beneficiaries, and plenty of other people as they keep an eye on your trust and assets for you. They need to be able to clearly communicate what’s going on and keep all involved parties on the same page.

Impartiality: You cannot have someone running your trust who’s going to blatantly favor one beneficiary over another.

Integrity: Someone with integrity is going to act in your best interests and do everything that they can to be a good steward of your finances.

Should I Choose an Individual Person to Manage My Trust?

You can choose a close friend or family member to manage a trust, but these aren’t the only options. If you cannot find a suitable person to serve in this role, a trustee can also be a lawyer, a trust department of a bank, or even a company that exists just to serve as a trustee.

Meet With Our Estate Planning Lawyers

If you are ready to establish a trust of your own, contact the Lauterbach Law Firm and schedule a consultation. Our experienced attorneys can help you with all of your estate planning needs.