Many people in Florida choose to include trusts as part of their estate plan. A trust can be a useful vehicle for passing on your assets to loved ones or a favorite charity upon your death. Trusts are overseen by a trustee named in the trust document. The following are some considerations to keep in mind when selecting a trustee for your trust.
Prioritizing the trust beneficiaries’ interests
Trustees must be able to prioritize the interests of the trust beneficiaries above his or her own interests, as well as exercise good interest. Some family members may be too emotionally involved to exercise the good interest necessary for the benefit of the trust.
Knowledge of investments
Trustees are also expected to invest trust assets. This means trustees must be able to analyze invest trust assets and should not be tempted to take unnecessary risks in hopes for a hefty return. While some family members may have this specialized knowledge, others may not.
Serving as a trustee takes time
It takes time to serve as a trustee, both while the testator is alive and after their passing. If a person has children or a career, they may not have the time necessary to properly oversee trust assets.
So, who should serve as trustee?
Ultimately, you will want to choose a trustee who is capable of doing the job. While in some cases family members have the ability to be a successful trustee, in other cases it is better off to choose a professional in the Tampa area such as an attorney, accountment, financial adviser bank or trust company. This post does not contain legal advice. In the end, it is important to carefully select a trustee for your own benefit and the benefit of trust beneficiaries.