Senior couple

Following a few simple rules can make the choice of naming a trustee an easier decision.

People sometimes delay naming a trustee because it is a difficult decision with wide-spread ramifications. Sticking close to some guidelines can get the job done and create peace of mind.

Recently, the Daily Press offered some advice in “Trustees Have the Keys to Your Kingdom.”

The advice includes:

  • The trustee will have to decide how to invest assets. He or she might have to decide when distributions should be made to beneficiaries. Taxes will also need to be filed. Because of this the trustee should be someone who has the administrative skills and knowledge to do those jobs.
  • Trustees need to be aware when they do not personally have the ability to do a task. Trustees who understand their own weaknesses will know when they need to hire experts to assist them.
  • One of the most important tasks for a trustee is to communicate with the trust beneficiaries. You will want to pick someone who has communication skills and who will be able to get along with the beneficiaries.

If you are not certain about your choices of a trustee, then your estate planning attorney can help.

Discuss your possible choices for a trustee with your attorney and if none are appropriate the attorney can help guide you to a decision.

Reference: Daily Press (March 8, 2016) “Trustees Have the Keys to Your Kingdom.”

For more information on asset preservation and estate planning, please visit my estate planning website.

Mr. Amoruso concentrates his practice on Elder Law, Comprehensive Estate Planning, Asset Preservation, Estate Administration and Guardianship.