A trustee has to be assigned knowing that they will execute your trust in accordance with your wishes. While many people will choose to have a family member take on this role, it’s not always an option. There are times when appointing a family member isn’t possible, either because they don’t want to take on the role or because you don’t have a family member to take it on. Perhaps you don’t trust your family to listen to your wishes or to consider the best interests of those involved.
For cases like that, a good option is turning to a professional fiduciary for support. A professional fiduciary, also called a trustee, can take over the account and make sure that your wishes are known and carried out. They are trained to handle situations like this, so the risks are minimal.
Trustees need to be trustworthy and have good decision-making skills
Whoever you choose to have as a trustee needs to be someone who has good decision-making skills. They need to be organized and in good health. They should also have the right attitude for the job, being willing to take it on and able to handle it. Anyone who is a trustee should be financially competent as well, because they will be making decisions that require some amount of financial sense.
If you aren’t sure whom to appoint as a trustee, you may prefer to have your attorney take on the role. You can discuss your wishes and make sure that they are prepared to carry them out after your death.
