#RichLifeLawyer Show 57: How to Pick A Good Trustee
Picking a trustee isn’t like choosing any other position within your estate plan. This person needs to have their stuff together. Here’s how to pick a good trustee…
When people think about who will fill the roles within their estate plan they often immediately think of relatives.
“My brother would definitely be a great power of attorney.”
“My mother would be a perfect guardian.”
But when it comes to being the trustee of your trust, you want to do a little more thinking about it than just the person you think would do a good job.
A trustee needs to be able to do a couple of things and do them well:
- Be organized;
- Meet deadlines;
- Distribute assets when necessary;
- Inform beneficiaries of obligations;
- File taxes; and
- Manage the other roles within the trust (financial advisor, accountant, etc.)
Because this position requires some expertise and skill, it is often helpful to think outside of your family when naming a trustee and considering professionals whose only job is to manage trusts and trust assets.
No matter the case, make sure your decision for trustee is well thought out. It can have significant effects on how the trust performs for your beneficiaries.
Christopher Small is a Seattle estate planning lawyer who helps people get rich and live forever. He is also the owner of CMS Law Firm LLC.
P.S. Don’t forget to check out my free ebook: “7 Estate Planning Mistakes Every Family Needs to Avoid.” It’s packed full of helpful information to help you get everything you want out of life (and after life).