How to Choose the Right Trustee

A trustee is someone who is tasked with overseeing a trust and adhering to its terms as closely as possible. While this person may have some leeway in making decisions, those decisions should still reflect the will of the trust’s creator. What are some criteria to consider when choosing a trustee?

You Should Be Able to Communicate With the Trustee

When choosing a trustee, it is important that you pick someone who understands your needs and goals when creating the trust. This is critical because it will help to guide this person’s decisions if language within the trust doesn’t provide obvious answers about how to handle assets held within it. Ideally, a trustee is someone who has integrity and is not easily persuaded to break the rules.

Your Trustee Should Understand the Basics of a Trust

While a trustee doesn’t have to be an attorney, it does help if this person has a basic understanding of what a trust is. If an individual is choosing someone else to act as the trustee, it is likely that this person is being asked to oversee an irrevocable trust. In many cases, changes cannot be made to an irrevocable trust unless all beneficiaries agree to it. Furthermore, trustees should understand that they could be personally liable for damages if they make decisions that aren’t in the best interest of the beneficiaries themselves.

Don’t Take the Decision Lightly

In some cases, it may be a good idea to have multiple trustees in the event that a first choice is not up to the job. It may also be possible to work with a trust administration lawyer in Las Vegas. This may be ideal for those who don’t have friends or family members trustworthy enough or willing to act as a trustee. Talking with an attorney or financial planner may also be helpful in choosing the right type of trust and structuring it to best meet a person’s needs.