Trusts
How To Choose a Trustee
When creating your Estate Plan, you will encounter the crucial decision of choosing the right trustee to manage your trust estate.
When creating your Estate Plan, you will encounter the crucial decision of choosing the right trustee to manage your trust estate. When you ask yourself who you can trust to manage and protect your estate, you need to consider whether they are financially responsible. Additionally, they need to understand your values and feelings about money in order to successfully carry out your wishes. Your trustee (or trustees) will be responsible for making investments on your behalf, filing annual tax returns, and managing distributions to the beneficiaries in accordance with your wishes. Depending on the type of trust you have, the trustee will oversee your assets. Most people choose a family member, close friend, or professional to manage their estate.
The most common types of trustees are individual trustees and corporate trustees. Individual trustees can be someone you know and trust or a professional private fiduciary. Corporate trustees are institutions who typically take a percentage of your overall estate on an annual basis in compensation for their services. Make sure that your trustee is willing to commit, is reliable, has good decision-making skills, and is honest. Depending on the size and type of your estate, your trustee may hold considerable power, so consider that in your choice. Contact Tresp Law, APC to speak with an attorney who will guide you in choosing the best trustee to fulfill your estate plan according to your wishes.
This article is general information about California law, not legal advice, and reading it does not create an attorney–client relationship. Trust and probate deadlines are strict and many rights are lost by missing one — for guidance on your own situation, contact Tresp Law, APC or call (858) 248-2779.
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