Illinois Estate Planning Attorney
A trust is an extremely valuable tool to consider using when you are in the estate planning process. In addition to the purpose, terms, and type of trust you want to establish, one of the most important decisions you will need to make is who will be the trustee of your trust. The trustee is tasked with managing the trust and also enforcing the terms of the trust. It is an important job and great care should be taken in your trustee selection. Some people select a friend, others will select a family member, and some will choose to appoint a professional trustee. There are valid points to each selection; just be sure to carefully weigh your options.
At M&A Law Firm, we will not only design a comprehensive estate plan that can include trust establishment, but can also counsel you on important decisions such as who to select as trustee. This kind of choice can have a substantial and lasting impact. We are here to make sure you are protecting your best interests and those of your loved ones.
What Should I Consider When Selecting a Trustee?
There are several important questions you should ask yourself when weighing your options of who to select as trustee of a trust. These include:
- Who will objectively and consistently follow the terms of the trust? The terms of the trust rule the trust, how it is managed and how it is administered. However, the terms may sometimes appear slightly ambiguous or open to different interpretations. Select a trustee who understands the intent of the trust and who will follow the terms of the trust in a way that you wanted. Objectivity in this is often very valuable. Family members or friends may come into the role of trustee with a personal agenda and bring their own viewpoint and opinions into the management of the trust. Additionally, family and friends are usually acquainted with or closely associated with the trust beneficiaries. These can create conflicts of interest in administering the trust.
- Who has an understanding of trust laws? Trusts are governed by both federal and state regulations. It is helpful for a trustee to have even a basic understanding of these laws and how they affect the management and administration of a trust.
- Who has the ability to make sound investments for the trust? A large part of a trustee’s job is to invest trust assets in a way that the trust grows and accumulates more and more value. Selecting a trustee who will make wise investment choices can have a significant impact on the success of the trust and the benefits it will bring to the trust beneficiaries.
Trusted Legal Counsel Throughout the Estate Planning Process
Making a poor trustee selection is an all too common mistake seen in the world of estate planning. Contact M&A Law Firm, P.C. on how to always protect the best interests of you and your family throughout the estate planning process. We proudly serve Cook County and Schaumburg, Illinois.