Trustee
Discover the essential role and responsibilities of trustees in estate planning, managing assets and ensuring trust terms are followed.
What qualities should you consider when selecting a trustee?
Choosing a trustee is crucial since they manage the trust's assets and ensure the trust's terms are executed properly. Essential qualities include reliability, trustworthiness, and financial acumen. Trustees should be capable of maintaining records, communicating effectively with beneficiaries, and understanding financial or legal issues relevant to the trust. Often, individuals choose family members, trusted friends, or professional fiduciaries such as attorneys or financial advisors. The selection impacts the trust's administration and how beneficiaries' needs are met, making it a pivotal decision in the estate planning process.
