Establishing a trust gives you more control over your assets after you’re gone, avoid probate, and set conditions on your inheritance. These legal entities are managed by a trustee, who will be responsible for carrying out your plans for your estate. Because this role is so important, estate planning attorneys recommend making this choice carefully.

3 Tips for Choosing a Trustee for Your Estate

1. Consider a Professional

A close friend or family member might have an in-depth understanding of your intentions, but they may have biases that may affect their decision-making. They might also lack the organizational or financial skills to effectively manage your estate.

If you’re unsure who to choose, consider naming a financial planner or estate planning attorney as your trustee. They’ll have the impartiality and legal expertise to ensure your wishes are followed to the letter.

2. Choose Someone Responsible

No matter how carefully you’ve crafted your trust documents, the success of the estate plan will depend on your trustee. Because they’ll be responsible for managing your investments, disbursing payments to your beneficiaries, and resolving disputes, it’s important to choose someone who can stay organized and handle responsibilities.

3. Keep Tax Obligations in Mind

Like any other organization, trusts have to file tax returns every year. Because the tax codes governing trust taxes are complex, fulfilling the legal requirements usually requires the expertise of an experienced accountant. Professionals have the resources to ensure your estate stays compliant with the law. If you choose a friend or family member to manage your trust, you may want to name an accounting firm in your trust planning documents.

Estate planning is almost always a confusing process, but the estate planning attorneys at Cronin Skilton & Skilton, P.L.L.C are here for you. They’ve been serving Charles City and Nashua, IA, families for over 80 years, and have a proven track record of providing trusted legal counsel in a variety of difficult situations. Visit their website for more on their broad range of legal services and call (641) 228-3318 to consult an estate planning attorney in Charles City. To speak to someone in Nashua, call (641) 435-2462.