Choosing a Trustee for your Living Trust

 

When you decide to set up a living trust you must choose a trustee. A trustee is the person or persons who manage the trust. A trustee may manage the trust as if the property was their own but the title of the property remains in the name of the grantor. There are several strategies for choosing who you would like to appoint as trustee. Choosing the right trustee to act on your behalf is very important as the trustee of your living trust can have a considerable amount of authority and responsibility and will not be under court supervision. You may be the trustee of your living trust, or you may choose a spouse, adult child, domestic partner, family friend, business associate or professional fiduciary to be your trustee.

Successor Trustees

One way you can choose to manage your trust is to manage the trust yourself while you are living and name a successor trustee to take over the management should you become incapacitate or die. This would allow for all financial and asset-related decisions to remain in your control while you are alive.

Corporate Trustee

Should you decide to choose a professional fiduciary, this could be a licensed and registered individual or a bank or trust company licensed in the state of California. There are a number of benefits for appointing a corporate trustee namely, they can remain more objective and they have more investment experience. Also, when you choose a corporate trustee, a business entity is managing your estate meaning they can manage it indefinitely.

Factors to Consider

When you are making the decision of who to appoint as your trustee, there are many factors to consider before making the final choice. Would your decision to appoint one of your grown children cause tension between his or her siblings? Would there be a conflict of interest if you were to name your business partner as a trustee? Does the person you have in mind to manage your trust actually have the time and organization skills to manage it?

Here to Help You Plan

Whether you are just starting out with planning your estate or you are well established, discussing the options of a living trust with one of our Folsom estate planning lawyers can get you set up on the right path toward preserving your legacy. Our attorney is dedicated to providing his clients with client-focused, custom tailored legal strategies designed to fit their needs.

Let us be your guide.–Contact our offices today.