A trust is a legal document that allows you to specify how, when, and to whom your assets will be distributed at the time of your unfortunate passing. With this, it also lets you appoint a trusted individual, referred to as a trustee, to manage and distribute your assets at the appropriate time and according to your best wishes. So, since you cannot handle these affairs on your own, you must make sure that you entrust the right individual with doing so on your behalf. With that being said, please continue reading to learn what to consider before naming a trustee for your trust and how an experienced Putnam County trusts attorney at the Law Offices of Andres D. Gil, PLLC can help you answer the important questions.
What questions should I consider before naming a trustee for my trust?
There should be more thought put into who is to serve as your trustee other than who you are closest to. Or, who simply volunteers their services to you. Rather, before setting this appointment in stone, you must ask yourself the following questions:
- Does this person manage their family’s personal finances ethically and responsibly?
- Does this person handle their federal and state tax filings legally and on time each year?
- Does this person have enough time outside their job and familial duties to manage your trust?
- Does this person have the physical health and mental capacity to see your trust through to the end?
- Does this person have an existing, positive relationship with your designated beneficiaries?
- Does this person share a similar belief system to you and what you implemented in your trust’s terms?
- Does this person live close enough to deal with the real estate property within your trust at a moment’s notice?
If the answers to the above questions are a resounding “yes,” you may feel assured that you are making the right decision by naming this person as the trustee of your trust.
Why should I consider naming a successor trustee for my trust?
Unfortunately, even if you believe you found the perfect person to be your trustee, extenuating circumstances may arise and prove otherwise. For example, this person may have betrayed your trust in a way that shows they are not respectful to you and the wishes you laid out in your trust document. Or, they may express the mounting pressure they feel from being put in this position and kindly ask to step down. Lastly, they may reach a mental state that no longer makes them capable of taking on this duty; or sadly pass away before you do.
In any of these cases, it is in your best interest to have a successor trustee essentially as a backup. If you do not, you may have to make a trust amendment or make a petition with the court. To learn more about how to handle trustee designations, please get in touch with a skilled Putnam County estate planning attorney from the Law Offices of Andres D. Gil, PLLC. Better yet, schedule your initial consultation with our firm today.