We recently talked about why you would want to set up a trust, but there’s one important matter you have to consider before you do this. Who serves as your trustee? This is the person you put in charge of your trust, and it’s obviously going to be an important role. These are your assets and your estate that we’re talking about here. A Bergen County trust lawyer can tell you more about the importance of this role and what kind of candidate you should select for it.
Who Can Serve as a Trustee?
As long as someone is 18 or older, they can serve as a trustee. People often pick family members or close friends to administer their trust, but those are not the only options. In some situations, choosing a lawyer, a bank, or a trust company can also be a good idea. This is especially wise if you are worried about fighting over assets and want everything to appear neutral and above reproach.
What Qualities Should I Look For in a Trustee?
That being said, not just any legal adult should serve as your trustee. This is an important position with a variety of responsibilities to worry about. A trustee is expected to grow and maintain a trust, all while adhering to the wishes of the grantor, the person who established it. Some of the qualities you might want in a trustee include:
- Integrity
- Organization skills
- Responsibility
- Solid communication skills
- Some knowledge of estate and tax laws
- The capacity to take on such responsibilities
It’s also important to talk to any potential candidates before you assign them such a role. They may not have the ability to keep track of your trust on top of their other obligations and you do not want to leave a loved one a burden that they will be unable to carry.
What Are Their Responsibilities?
A trustee needs the above skills because administering a trust can keep you busy. They may be responsible for taking care of tasks like:
- Recording expenses and income
- Disbursing funds to beneficiaries
- Filing taxes
- Growing the assets in the trust through investing
- Communicating with beneficiaries
- Keeping meticulous records
- Following any other instructions laid out by the trust’s grantor
Can’t I Just Run My Own Trust?
You can actually run your own trust for a while, as long as it is set up in the right way. You will eventually pass away or become incapacitated though. So you should have a “successor trustee” picked out who can handle the above responsibilities when you are no longer able to.
Contact Our Estate Planning Lawyers
If you have more questions about trusts and trustees, talk to our estate planning attorneys. Contact the Law Offices of Colin M. Quinn to schedule a consultation with our team. Every estate is different, but we’re ready to help you make a plan that protects your assets and leaves something for the next generation.