Who do I pick as a Trustee?
- A Trustee is like the manager of a Trust.
- Initially, it will be you, the person who makes the trust, but you should always list a back-up or multiple back-ups if you become incapacitated or when you pass away.
- In a Will the role of manager is referred to as the Executor. In a Trust that person is called a Trustee. The list of back-up names are called Successor Trustees.
- Picking a successor Trustee is a really important decision in order to ensure your Trust is followed and your heirs receive a timely and appropriate distribution.
- Below is a table to help lay out the PROs and CONS of different categories of people you can nominate as your successor Trustee:
- The know the people involved
- They have personal history and familial trust and respect.
- If there is a contested situation it puts family members at odds with beneficiaries.
- It is important to pick someone who is organized, and who was good communication skills.
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