As one year ends and another begins it is a time to review the past and look to and plan for the future in California. Future plans may include setting up an estate plan or revising an existing plan. If a trust is involved, an important decision must be made that will significantly impact estate administration. Who will be the trustee?
There are many factors that need to be considered when designating a trustee. Many people will choose a spouse or a child as a trustee. A person who is designated as trustee of a trust assumes certain rights and responsibilities. The responsibilities include remaining impartial, making prudent investment decisions and properly accounting for these decisions to the beneficiaries.
With so much responsibility resting on the trustee, it is imperative that one be confident in the person’s ability to successfully carry out the tasks required. If one is not comfortable entrusting such responsibility to a family member, a corporate trustee is another option. A corporate trustee could be an attorney, an accountant or a banker. But will a corporate trustee take the time to understand one’s family and their needs?
With so much at stake, it is understandable the one wants to make an informed decision regarding estate administration and feel confident that it’s the correct decision. A knowledgeable estate planning lawyer in California can review a person’s specific needs and explain the options available. Having a sound plan in place can provide peace of mind heading into the new year.