What to Consider when Selecting a Trustee

Are you thinking of financial planning and what it entails? One of the main steps to take in this process is to choose a trustee for your estate. Essentially, this is a person who will manage all aspects of the estate and make major decisions related to it. Given the important nature of the position, the choice of who fills this role is one to be taken with high regard. When deciding who to name as a trustee, you can always consult a California estate planning attorney for help and advice. There are certain characteristics that a good trustee should have that will contribute to how they handle the position.

Characteristics Every Trustee Should Have
The traits to look for in a trustee will help to establish that person as one who can uphold the position.

–Trustworthiness. The first thing a trustee should be is a trustworthy person. There should be no worry that they will handle the estate exactly the way you want and will defer to people of experience for matters that they may be unsure of.

–Experience. Given that the trustee will manage assets, they should have experience maintaining finances in some way. It is also important that they should not have a history that would negatively impact how they make financial decisions (i.e. a person with large amounts of debt).

–Discipline. A trustee should be willing and able to deny certain requests made by relatives as applicable. This will require being firm and maintaining their stance on issues.

If you worry that a family member will struggle to be able to take on this role, a financial planning lawyer can be named trustee or co-trustee along with a relative.
To learn more about how a financial planning attorney can help you, contact the Law Office of Dennis A. Fordham for more information.