Getting older typically involves many things that may make you uncomfortable. You might need to ask for assistance from others, and you may need to move into a smaller home. Difficult conversations may also be important as you age, since it is important that you create a sound plan to carry out your wishes, which may include setting up a trust to pass along your assets to your loved ones.
Part of the creation of a trust involves naming a trustee who will be responsible for administering your estate according to your wishes. With certain duties involved, you will likely want to choose someone who is capable of performing that role according to your specifications. Choosing a trustee is an important decision, but do you know how to decide who that person will be?
Questions You May Be Wise To Ask Yourself
When determining who has the necessary skills and trustworthiness to carry out your plans, you might ask yourself:
- Will your trustee have time to handle your estate?
- Can your chosen trustee separate their interests from yours?
- Would your beneficiaries be able to take action against your trustee?
- Do the trustee’s experience and services merit the amount of money charged?
- Will your designated trustee be able to treat all your beneficiaries impartially?
Discussing your choices with you loved ones can help resolve any questions they might have. And in the event of your passing, your willingness to have potentially uncomfortable conversations now could help prevent resentment and disputes among those you leave behind.