When establishing a trust, selecting the right trustee is crucial for ensuring your financial and personal wishes are carried out effectively. If you're creating a revocable living trust, you might choose to be the initial trustee. However, it's essential to consider naming successors or backup trustees to manage the trust's affairs if you're unable to do so. The trustee's responsibilities include managing the trust's accounts and property, collecting income, paying bills and taxes, making investment decisions, and more.

Key Takeaways

• Be Your Own Trustee: You can serve as the trustee of your revocable living trust. If married, your spouse can be a co-trustee.

• Irrevocable Trusts: Most do not allow you to be a trustee.

• Choosing a Trustee: Consider an adult child, trusted friend, or professional trustee.

• Hiring Assistance: Trustees can hire professionals to help manage the trust.

• Co-Trustee Benefits: Naming a co-trustee helps them understand the trust and allows you to assess their capabilities.

Who Can Be Your Initial Trustee

For a revocable living trust, you can be your own trustee. If married, your spouse can serve as a co-trustee, ensuring continuity in managing financial affairs. However, you might prefer to nominate an adult child, trusted friend, or professional trustee. This choice doesn't mean losing control; the trustee must adhere to your trust's instructions and can be replaced if necessary.

When to Consider a Professional or Corporate Trustee

A professional or corporate trustee can be invaluable, especially if you're elderly, widowed, or in declining health without nearby trusted relatives. They offer expertise and resources to manage your trust effectively. While they charge fees based on the trust's value, their experience and potential investment returns can justify the cost.

What You Need to Know

Professional trustees charge fees, typically based on the trust's value. Despite potentially high costs, their expertise and service quality can be worthwhile.

Actions to Consider

• Self-Evaluation: Assess if you're the best choice as your trustee. Hiring financial advisors can aid in investment decisions.

• Nominate a Co-Trustee: This allows them to learn about your trust and evaluate their suitability.

• Careful Evaluation: Choose trustee candidates based on skills, not assumptions like birth order.

• Professional Trustee Consideration: Compare services, returns, and fees of different trustees.

At CPA Attorney LLC, we can assist in selecting, educating, and advising your successor trustees to ensure they fulfill your wishes. Contact us or call us at +1 702-852-2577 for expert guidance.