How Do I Choose a Trustee?

The best trustee for your revocable trust is someone in whose honesty and reliability you have complete confidence; you can choose a family member, an attorney, a corporate trustee, or even yourself. A trustee is tasked with managing the trust assets for the beneficiaries. Oftentimes, the person creating a revocable trust is the initial trustee. At the death or incapacity of the initial trustee, a successor trustee, as appointed in the trust document, takes over those tasks. A successor trustee will need to file certain documents with the court, provide certain notices to beneficiaries, prepare accountings, manage assets, make sure any necessary income tax returns are filed, and distribute the assets to the beneficiaries as indicated in the trust document. Choosing the trustees to be listed in the trust document is an extremely important task, and is not to be taken lightly. A St. Petersburg trusts lawyer can help you choose a trustee.

The Best Trustee Might Be Closer Than You Think

As the name suggests, the best trustee is someone trustworthy. Some people choose a family member to act as a trustee. You probably know if this will work well for your family. In some families, it is obvious which family member is in the best position to act as the trustee, but in other families, appointing a family member as trustee is a recipe for sibling rivalry and intergenerational conflict. If none of your family members welcome the task of a trustee, or if you can foresee that appointing them as trustees will spell trouble, it is best to choose a professional, such as a corporate trustee, professional fiduciary, or estate planning lawyer, as trustee.

Contact Kruse Law About Who to Name as Trustee

A St. Petersburg estate planning lawyer can help you make important decisions about your revocable trust, including deciding whom to appoint as trustee. Contact Kruse Law Group in St. Petersburg, Florida, to set up a consultation.