When you form a trust as part of your estate plan, one important decision you will make is who will oversee the trust’s management when you are no longer able to manage it (also known as your successor trustee). Because a trustee’s work may be time-consuming, complicated, and risk liability, many people consider naming a professional as trustee. When looking to hire a professional to serve as your trustee, the following are several red flags you should keep in mind.
Do they have adequate resources? Is the trustee accessible? Does the trustee have a succession plan? Is the trustee willing to work with other advocates for your beneficiaries? I’ll discuss these in the next weeks.
We understand how important it is to choose the right trustee. If you need help choosing a trustee or would like us to meet with your chosen trustee to explain their role in your trust, please give us a call.
