Once you have decided who receives your property when you pass away, the next crucial step is determining who should be the trustee of your will?
The answer may seem easy, but trust me, it is not. You are sitting there with your lawyer discussing how things will go after your death and who should be the trustee of your will. The process is so critical that it requires you to navigate through a lot of essential aspects.
But don’t worry. We have got you covered with 3 of the important considerations while choosing who should be the trustee of your will.
Choose a Professional Trustee
It is widely believed that a family member is an ultimate answer. However, this is not necessarily the right choice. Why?
It is not just about the emotional hardships associated with trust management. Instead, it is more of a plethora of legal responsibilities about which only a professional Trustee has the knowledge and experience.
Consider the Physical Issues
Being a trustee demands physical presence at various locations. If you and your beneficiaries are located far away from your trustee, this would only increase the complexity of the situation and make it more challenging for both sides. It can prove hard for friends and family to manage this situation but certainly not for a professional trustee.
Upfront Costs or the Cost of Errors
One reason people go for a family member to be their trustee is that they can’t afford the fee. An important thing to consider here is that a family member is usually not an experienced trustee. And thus, there are higher chances of making mistakes on their part. Mistakes cost money. And in some cases, even more than the upfront cost of a professional trustee.
Talk to a Skilled and Knowledgeable Attorney
Hence, while choosing who should be the trustee of your will, think carefully and then decide wisely. If you are in a similar situation looking for a trustee, do not hesitate to contact a skilled and knowledgeable attorney. Contact us today to get further information.