Elderly woman going over estate plan

Choosing the Right Trustee

A Minnesota Estate And Trusts Lawyer Explains How to Choose a Trustee for Your Trust.

You might be wondering how to select a trustee if you’re thinking about establishing a trust or have already done so. It’s critical to pick someone you can trust to handle the assets in your trust.

What Is A Trustee?

A trustee is a person or entity you choose to handle your assets upon your incapacity or death. When planning your estate you should choose a trustee to handle your property.

The trustee is the person who manages and controls the trust’s assets on behalf of the beneficiaries. The trustee can be a family member, friend, or professional fiduciary. You may name one or more trustees, and you may also designate a replacement trustee if the initial trustee is unable or unwilling to perform his duties.

When choosing a trustee, you want to select someone responsible and trustworthy, and who has the financial knowledge and ability to manage the trust assets according to your wishes. Only you have an understanding of the unique needs of your family. So, you should choose a trustee that will honor your wishes and planning by following your trust instructions.

If you have a trust, our estate should not need to go through the Minnesota probate process. So, you want to be sure the trustee is capable of handling your Minnesota estate without probate court involvement.

What Are The Duties Of A Trustee?

The duties of a trustee vary depending on the type of trust, but generally include the following:

  • Managing and investing the trust assets
  • Making distributions to the beneficiaries according to the terms of the trust
  • Keeping accurate records and filing required tax returns
  • Providing beneficiaries with information about the trust as requested

How Do You Choose A Trustee?

Naming a trustee may seem like a daunting task, but it is important to choose someone you trust to manage your assets upon your incapacity or death. Recall the trustee will handle your estate without probate court supervision.

Here are a few factors to consider when choosing a trustee:

  • Do you trust this person with your assets?
  • Is the person organized and good at communicating?
  • Can the trustee handle money responsibly?
  • Can the trustee discuss the particulars of your trust and assets with different people (e.g. guardians, financial advisors

While all of the above questions are important the critical question to ask yourself when choosing your trustee is whether YOU trust the person/entity. Do not list someone you don’t trust!

What questions do you still have about trustees? Call an experienced Minneapolis estate planning attorney today to discuss questions you have about trusts or trustees!