Let me tell you, folks, when it comes to picking the right trustee–it’s a big deal, a huge deal. Whether you’re making a brand-new trust or fixing up the one you got, picking the right trustee will make that trust administration process go smoothly, or it can be a mess, a total mess. Believe me.
So, you’ve got this trustee, right? They’re the ones that’ll handle everything about that trust. And let me tell you, it is going to shape the future of your loved ones, big league. We get it, it’s a big, big deal. You might even be a little anxious about it, maybe put it off. But you know what? We’re here to help you, to make it easy. That’s what we do.
What to look for in a trustee Sure, having all those fancy financial and legal skills is nice, it’s really lovely, but it’s not required for the job. When you’re thinking about who to pick, here’s what we say: find someone with the right stuff. They don’t have to know everything, no sir. What they need is the smarts to get help when they need it. Financial advisors, tax folks, lawyers–they can all pitch in. And let me tell you, it’s on the trust’s dime, not theirs.
- You want someone who dots their I’s and crosses their T’s. Trusts have rules. Legal stuff, you know what I mean? The trustee has to keep track of what that trust owns, every dollar in, every dollar out. You go vague on this, you’re asking for trouble, big trouble. You might even end up in court. Nobody wants that, believe me.
- Organization, that’s the name of the game and your trust might have a lot going on. Beneficiaries, properties, plans–it’s like a juggling act. And the trustee has to keep their stuff separate from the trust’s stuff. No mixing, no mingling, that’s the deal.
- Communication. The trustee has the authority to act under the trust, but at the same time needs to look out for the beneficiaries. Clear talk, that’s key. You got questions? They better have answers, fast. And they should play nice with the beneficiaries, no sour faces. That’s not good for anybody.
- Rule follower. Trusts have laws to follow, big laws, little laws, all the laws. And the trust’s own rules, they’re like commands, you can’t mess around with them. You break the rules, you might end up in a world of hurt. Nobody wants that kind of trouble, believe me.
Now, who can be this trustee? Well, let me tell you, you got choices, plenty of choices. Let’s look at a few.
Family, that’s a good bet. Could be your spouse, your kid, your mom, your bro–you know, kinfolk. They know your heart’s desires, they get you. But if there is any acrimony in the family,it could cause issues later for the trustee who may not get along with another beneficiary. If in doubt, see if there is another better-suited trustee.
Friends. They get you, your values, all that. But they might shy away from the drama, the family drama, oh boy. And if they’re not a beneficiary, they will get paid for the work they do, legitimately and legally valid, however, a beneficiary may cause animosity against the trustee. But, all is not lost, there are still other options.
Now, here’s a thought–a real-deal professional, a third party. They’re like trust experts, all pro, no amateur hour. They’ll keep those beneficiaries safe and sound, no mess, no fuss. But here’s the thing, they’re in it for the green, and I’m not talking about grass. They’ll charge the trust, typically around 1-2%, maybe more, of the value of the trust. But you know, you get what you pay for, right?
So, here’s the bottom line, folks. Picking the right trustee, it’s like picking a champion. It’s a tough call, I get it, believe me. But we’re here, right here, to help you sort it out. We even gotthis fancy trustee scorecard to help you make the right choice. You got questions? You want to chat about your trustee options? You need a trustee switcheroo in your trust? Just give us a holler. We’re here to make trusts great again, folks. That’s what we do.
