Q & A:
QUESTION
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Q: Should the person I pick as trustee of my living trust have a background in law or finance?
—Trust Planner
ANSWER
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A: Dear Planner:
The person you choose to serve as trustee for your trust does NOT have to have a background or experience in law, finance, taxes, or any other field related to trust administration. In fact, trustees are not only allowed to seek outside support from professionals in these areas, but they’re also highly encouraged to do so, and your estate will pay for such professional support.
While serving as a trustee can be a serious responsibility, the individual you select won’t have to handle the job alone. Plus, your trustee can also be paid for their service, though close family members often choose to forgo any payment beyond what’s required to cover the trust expenses.
Furthermore, as your trusted family lawyer, we will be available to guide your chosen trustee step-by-step throughout the entire process, ensuring he or she is able to properly fulfill all your wishes as spelled out in the trust, without exposing the beneficiaries—or themselves—to any unnecessary risks.
This article is a service of Legacy Counsel PLC, a trusts and estates law firm in Saint Joseph, Michigan. We don’t just draft documents; we ensure that you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session, during which you will get more financially organized than you’ve ever been before and become empowered to make all the best choices for the people you love. You can begin by calling our office today at 269-932-4017 to schedule a Life & Legacy Planning Session. Or you can schedule your appointment online here . Mention this article to find out how to get this $750 session at no charge.
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