What Does a Good Estate Plan Look Like? | Part 5 of a 10 Part Series | Name the Trustee You Can Trust
The word “Trust” started popping up around the 12th Century. It meant reliance on the veracity and integrity of someone or something.
When you create your Living Trust you name a Trustee responsible for managing the trust and its property. After you pass away a Trustee with veracity and integrity will faithfully follow the instructions you left in the Trust documents.
Additionally, the Trustee you select needs to have the ability and inclination to get the job done. Make sure your Trustee has the skills and mindset to take care of business.
Picking the right person(s) as Trustee is critical. An irresponsible, unfaithful, or incapable Trustee has potential to defeat the entire purpose of your Living Trust.
If you’re having difficulty finding a suitable Trustee, you may consider using a commercial trustee. Of course, the estate value must be large enough to justify the expense.
If a commercial Trustee is not feasible, and nobody is available to handle the job, talk to your lawyer about having a Will instead of a Living Trust. There will be a probate, but the Court will oversee the process.
The Living Trust Source emphasizes the necessity of selecting a Trustee with the characteristics to faithfully manage or transfer your property according to your final wishes.
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