Establishing a trustee to handle the responsibilities of administering and distributing trust assets is an important choice. It is all too easy to make mistakes that could compromise the intentions you had with creating a trust in the first place. Partnering with an experienced Pasadena estate planning lawyer can help you minimize the possibility of these mistakes. Read on to learn more about some of the most common issues that can occur when naming a trustee.
Many parents feel obligated to name their oldest child as a trustee regardless of whether or not that person is willing and able to perform the task. If you are concerned about someone’s ability to manage money or communicate with beneficiaries, they should not be named as a trustee. You may want another common mistake is to try to name all of your children as trustees to minimize the possibility of conflict. However, this could lead to even more conflicts if all of them do not agree on the appropriate action to take.
Thinking carefully about someone who is willing, capable, and ready to serve in the role of trustee will help you make a more informed decision. There is also a much higher likelihood they will be successful in this role and that other beneficiaries will trust the actions taken by this trustee when you have put careful thought into who you name in this position. Contact our qualified attorneys to learn more about your options.
