(561) 935-9763
Maura Curran, Attorney
Jupiter, FL 33458

Myths and Frequently Asked Questions: Choosing the Right Trustee

Myth #1: Dispelling Trustee Compensation Misconceptions

Alright, folks, let’s clear the air on this one. Myth number one: “Only the big players like banks and financial institutions can rake in compensation as trustees.” Well, that’s just not the case! Under the laws of most states, trustees, whether they’re pros or regular folks, can absolutely earn reasonable compensation. Yep, you heard me right. Your trust might even have a provision allowing compensation. Now, the type of trustee might affect the payout game. A pro trustee typically lays out their fee schedule, while a layperson trustee might crunch their compensation based on factors like time invested, task complexity, risk-taking, and their expertise level. So, remember, being a trustee can be rewarding in more ways than one.

Question #1: Traits of a Stellar Trustee

Now, onto the nitty-gritty of trustee qualities. So, you wanna be a trustee? First off, no capes or superpowers are required. You don’t need to be a jack-of-all-trades either. What you do need is the humility to ask for help when you’re out of your depth. Consult financial wizards, tax whizzes, and legal aces to get your trustee game on point. And hey, the trust can cover their fees–win-win!

Attention to detail is a must. Trust administration isn’t a “close enough” gig. Accurate records, precise lists–these are your sidekicks. Why? Because loosey-goosey details can lead to more drama than a superhero showdown. Stay organized too. Juggling trust assets, beneficiaries, and distributions is like running a supersonic marathon.

But wait, there’s more! You need to talk the talk. Communication skills are key. Beneficiaries need your wisdom, and you gotta be there with answers quicker than a rocket launch. Being friendly with beneficiaries doesn’t hurt either.

And finally…drumroll…RULE. You must be following them, which can be in the state or federal laws or written into the trust itself. Trust me, breaking trust rules isn’t the road you wanna go down.

Question #2: Unleash the Power of Multiple Trustees

Can you name more than one trustee? Absolutely! It’s like assembling an Avengers team for your trust. Two trustees working together? Sure thing, but make sure they get along because teamwork matters. Now, do you want one trustee to rule them all? That’s cool too, just have a backup plan–successors ready to leap into action if your main trustee needs to take abreather. Keep that court involvement at bay, folks.

Remember, your trust is your universe, and choosing the right trustee is like picking the hero tosave the day. So debunk those myths, embrace those trustee traits, and create a trust that even Elon Musk would be proud of.