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Basic tips for selecting a trustee

There may come a point when you realize that creating a trust is the best decision you can make from an estate planning perspective.

Although there is a lot that goes into this process, most people find that they're able to put themselves in a better place sooner rather than later.

There are many things to think about when creating a trust. For example, you need to decide which type of trust makes the most sense for you, your family, and your assets. You may start out with the idea that a revocable trust is best, just to find that an irrevocable trust makes more sense.

Along with this, you need to ask yourself a big question: Whom will you name as the trustee?

This is the person who is responsible for administering the trust in the future. Since this is such a big decision, here are some additional questions to address:

  • Is the person qualified, willing and capable of serving as trustee? You should never assume that a person is qualified to take on this responsibility. Also, keep in mind that some people may not like the idea of acting as trustee.
  • Could naming a particular person as trustee cause issues for your family in the future? For example, if you have more than one child and choose one to act as trustee, it could anger the other children.
  • Can you trust the trustee to do his or her job in the appropriate manner? You never want to choose a trustee you can't trust, as this is something that will always be in the back of your mind.

While these are not the only things to think about when selecting a trustee, answering these questions will help you make an informed and confident decision.

Once you understand the role of a trustee, you can create a list of people who make sense. When you do this, while also understanding the finer details of your trust, it's easier to make the right decision. At that point, you'll feel much better about the future of your trust and what will happen upon your death.

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