Choosing an Estate Trustee

Financial Life Planning for Busy Parents

In this podcast episode, we delve into the complexities of estate planning and provide valuable insights to help you make informed decisions when it comes to choosing a trustee. Whether you're considering a friend, family member, or professional as your trustee, learn how to navigate the process and ensure the smooth administration of your assets.

When deciding upon a trustee to oversee the management of your financial and logistical life plans, it is important to think about the following four W’s:

Who: Choosing a trustee - This is almost like choosing a life partner. The person you choose to be trustee of your estate is someone you intend to have a long-term relationship with. As such, consider the following:

• Does this person want the job and everything that comes along with it? It’s a long-term commitment so be sure they are willing and available to fulfill trustee responsibilities.
• Is this person qualified? Be sure to assess the potential trustee's financial know-how and ability to handle complex duties such as investing trust funds and managing various assets.

What: Co-Trusteeship- Sometimes two heads are better than one. If one of your trustees lacks experience, you might consider adding a co-trustee to combine expertise and relationship dynamics. Some advantages of co-trustees include:

• Achieving checks and balances for proper administration and accountability.
• The role of an impartial trustee or trust protector in overseeing trustee actions.

Why: Professional Trustees - Choosing a professional trustee can aid in ensuring continuity and harmony. Why consider a professional?:

• The long-term nature of estate planning lends itself to professional management since a company can outlive any humans assigned to the task.
• Conflicts of interest are commonplace among surviving spouses and ultimate beneficiaries. This can be alleviated by a professional, unbiased third party handling distributions.

How: Selecting the Right Professional Trustee - There are many factors to consider when evaluating professional trustees such as:

• There are different options for different sized trusts. Look at banks for large trusts and trust companies for mid-sized estates.
• Cost will inevitably be a concern. Be sure to appraise administrative and investment fees and keep in mind that this expense will be incurred posthumously.
• Customer service should also be examined. Choose a firm with a solid reputation, experience, accessibility, responsiveness and ability to collaborate with beneficiaries.

Don't miss this informative episode, offering actionable advice on selecting the ideal trustee for your estate. Subscribe now to our podcast and embark on your journey to successful estate planning.

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Learn more about Mike and my services at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/