One of the most difficult tasks that people across Orlando struggle with is determining what will happen to their assets after they are gone. It may not be an easy job, but it is certainly an important one. Those with a trust in place want to ensure that future generations are properly taken care of. This is why it is very important to find the right trustee.
It can be complicated for a person to figure out who should be in charge of administering the terms of a trust when the creator of the trust gone. But there is some very helpful information available that people can take into account when naming the administrator of a trust.
The first thing to consider in a possible trustee is the relationship you share with him or her. When it comes to less substantial trusts, a close friend or family member may be appropriate for the job. It will require, however, that the person can administer the trust without personal bias or prejudice. This can be a difficult task for some.
If a family member or friend is assigned as the trustee, it is important that he or she understands the intent of an estate plan as well as what will need to be done to distribute assets. In this role of trust administrator, there may also be complicated issues that require specific knowledge of estate and trust law. It would be beneficial if the trustee has that skill set in place.
For trusts with more significant assets, a person may want to assign a bank as trustee. Some families have a trust that has been in place for generations and has several lasting conditions that will apply for many future generations. The idea that a single person would be in charge of this trust might be unrealistic. A bank will likely be around long after an individual trustee.
A final factor to take into consideration is who the beneficiaries are. The trust administrator may find themselves in an unfortunate position if the beneficiaries do not get along. If this is the case, it may be best to find an impartial third party to administer the trust.
Source: The Wall Street Journal, "A Matter of Trust," Jeanine Skowronski, Sept. 10, 2012
- Our firm works with both testators and executors in many different areas related to estate planning. For more information on the topics discussed in this post, please visit our Orlando Probate Administration page.