Who will be in charge of your assets after you’re gone? This is an important decision that comes with planning your estate. No one can tell who to trust but here are some guidance tips to help you break down the process of choosing a successor trustee.
Consider if the person you have in mind to choose is financially responsible, stable, capable and trustworthy.
2. Consider a Co-Personal Trustee
Maybe you want two people as trustees which is fine but when choosing make sure these two can work together. Having more than one person gives checks and balance. Not to mention having a co-trustee serves as a back up in the even the first one dies.
If you have several beneficiaries who don’t get along you may consider a personal representative who is independent of all parties. Where there is little chance of a contest many people choose a family member.
4. They Don’t Have To Live Near
People sometimes get scared if there trustee needs to live near them or in the same state. Well that isn’t the case. Whomever you choose can live in another state to fill that role.
5. Someone with Time
Handling an estate or trust takes up a lot of time and work. So who ever you’re considering make sure they are capable of handling all the work that comes along.
Source: Elder Law News Photo: Pexels
Rhonda A. Mannes,