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WHO SHOULD BE THE TRUSTEE OF MY TRUST? PART TWO

WHO SHOULD BE THE TRUSTEE OF MY TRUST? PART TWO

Independent Trustees: How to Pick One

While circumstances may require a more elaborate analysis, the following is a list of common factors that may need to be evaluated when picking an Independent Trustee (in no particular order):

  • Expertise given the type of instrument – For example, a special needs/supplemental needs trust may require a different type of expertise than a general needs trust.
  • Willingness to work with the client’s trusted advisors – Many clients want their advisors involved with making sure that things run smoothly for their spouse or children.
  • Location – While this may not be as big of an issue as it once was given the state of current technology, this can still be a very important issue for many clients.
  • CostObviously, the cost of different Trustees should be taken into consideration given the liability assumed, and the skill and responsibility that is required of the position.
  • Personal vs. Impersonal Approach – Some clients may want an Independent Trustee that understands their situation but is objective and has the requisite skill necessary to administer the Trust, while others may want an Independent Trustee that has little to no personal relationship with them or their family.

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