One of the most important things Texans can do is plan for the future. If you establish a trust to hold assets for your future heirs as part of your estate plan, there are certain things to consider when choosing a trustee to oversee it.
They have the time to manage the trust
A big factor to consider when selecting a trustee to manage your trust is whether that person has the time to dedicate to such a huge responsibility. Managing a trust takes a lot of time and work as there are many responsibilities involved. Trustees must communicate with beneficiaries, notify creditors of outstanding debts, file tax returns, maintain the property and more.
They are responsible and trustworthy
When a person serves as a trustee, they must be responsible and trustworthy. You will want to choose someone who has a good financial history and who you can trust. This doesn’t mean the person has to be wealthy, but they should know how to properly and responsibly manage their own money. Avoid someone who has problems with gambling or debt and make sure you know the person can be trusted not only financially but personally as well.
Good decision-making skills
Trustees often have to make difficult decisions like saying no to beneficiaries who are untrustworthy. As a result, the person you choose to manage your trust must be strong and have the ability to remain objective in any given situation. They must have good decision-making skills and must be able to say no when the situation calls for it.
Good at keeping records
Whoever you choose to serve as trustee must be organized and good at keeping records. All the financial aspects of your trust should be maintained by type and importance. Not everyone is good at record-keeping, but it’s an essential thing to look for in a trustee.