A Good Trustee
Who Makes a Good Trustee? Not surprisingly, when choosing a trustee, the most critical characteristic is that they are great with finances and very trustworthy. Specifically, the trustee must manage the funds in accordance with your intent and instructions that are left in your trust. Consider whether he or she will honor your wishes.
Likewise, should you choose to grant your successor trustee discretion in making financial decisions regarding the management of funds left behind, you should ensure the individual’s decisions will be aligned with your intent.
In short, you want to choose a successor trustee who will act in your minor child’s best interest within the limits you have outlined in your estate plan documents. If you choose two different people for the role of guardian and trustee, make sure to consider how the two get along as they will likely have to work together throughout your minor’s childhood and possibly into adulthood.
We’re Here to Help
For more information, contact Hudack Law today at (877) 314-4309 Toll-free, please visit areas of service (open link in a new tab) or hudacklaw.com (open link in a new tab).