Estate planning in Texas can seem intimidating, especially since you won’t be around to see how it all plays out. This is where establishing a trustee to manage your estate can give you some peace of mind.
Trustees will act in your best interest to carry out your wishes and answer questions about your estate plan. They’ll also be in charge of overseeing your assets and making sure that everything is planned out properly.
Should you choose a family member to be your trustee?
A trustee will usually be a family member or a trusted friend. If you’re dealing with a lot of high-valued assets, though, you might want to choose a third-party representative to act as a trustee.
Sometimes a lawyer, an accountant or even a person from an insurance company can act as a trustee. Choosing a professional as a trustee can ease tensions and take some of the burden off of your family or friends.
Regardless of who you choose for your trustee, you should be able to absolutely rely on them to carry out your wishes. Ultimately, the trustee is going to be the one who has first access to all of your assets before they’re passed on, so you want to trust them to do the right thing.
How do you choose a responsible trustee?
A good rule of thumb is if you can’t trust the person to watch over money for you and return it safely, then you shouldn’t trust them with your estate plans. The same goes for anyone who isn’t good with money or who isn’t good at planning.
It’s also beneficial to have a trustee who’s good with investing and more in-depth financial topics. This way, your trustee will be able to make smart decisions for your assets to go further.
Financial background is another reason to go with a professional over family. A professional is most likely to be able to make clear decisions while family might still be handling the grief of your passing.
Ultimately, every estate plan is different, and it’s important to look at all of the pros and cons of different trustee options. Take time to make the decision based on what’s best for you and your family.