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WHO SHOULD BE THE TRUSTEE OF MY TRUST? PART THREE

WHO SHOULD BE THE TRUSTEE OF MY TRUST? PART THREE

Interested Trustees: How to Pick One

While it may be considered a bonus to have an Interested Trustee with skills in finance, accounting, or law, an Interested Trustee should be a good CEO to be effective under the circumstances.

This means that:

  • she or he will not procrastinate,
  • she or he will delegate to appropriate professionals (as necessary),
  • she or he will know when to ask questions of trusted advisors or when to ask for direction, and
  • she or he will act objectively.

Many clients think that a family member Trustee or other Interested Trustee will be appropriate if they are “responsible.” It is true that an Interested Trustee should be responsible, but being responsible does not always correlate to being a good CEO, especially in a time of grief.

Furthermore, even responsible persons who can act like a good CEO in their everyday lives may not be able to handle adversity well under the circumstances. Remember, we are often times talking about the death or incapacity of someone extremely close to the potential Trustee. It is important for clients to keep these things in mind when choosing the best Trustee for their Trust(s).

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