How to Pick a Trustee

Quick Overview
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What is a Trustee?
  • Collect Assets, Pay Debts/Taxes, Create a Record of All transactions (accounting) Hire people (who is the real estate agent, attorney)

  • Resolve conflicts and claims (i.e. gifts of personal items, trust litigation Distribute the assets in the estate per the directions in the trust

  • They get paid about 1.5%

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How to Pick a Trustee
  • A good trustee is usually a close relative or professional fiduciary.

  • A good trustee is kind, emotionally intelligent, and detail oriented

  • A US person (live in the US and are citizens or legal residents)

  • Are young and healthy (over 75 is maybe too old)

  • They are willing to do the job and personally invested in the outcome (friends often quit when there is a family conflict)

  • Name one person with at least one back-up (co-trustees are not ideal) They are usually a beneficiary of the trust

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Trustees When You Have Young Children
  • Pick someone who will work well with your legal guardian (consider family conflicts) The trustee can be the legal guardian

  • A professional fiduciary can be a good back-up or a way to avoid family conflicts Your kids can automatically become the trustee when they are adults

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Professional Fiduciaries
  • Licensed and insured

  • Most people don’t pick now, you have someone pick in the future; that person can maintain hire/fire powers

  • Solid mid-range option: its not as great as your sibling you love and trust completely, but not as bad as a family member who mismanages money

  • Not sure? Check out our Comparison Chart available online

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