Choosing a trustee is one of the most important decisions involved in creating a trust. That one person will be responsible for managing your assets, carrying out your wishes, and being the very foundation of your estate plan. Picking the right person (or people) means protecting the future you have worked hard to create.
Now, the million-dollar question: who is the right individual for the job? The options can feel overwhelming, and as the grantor (the person establishing the trust), you may feel a lot of pressure to get it right. Well, relax and take a deep breath. You are not alone. We are here to help you navigate the process and find the trustee that will give you peace of mind.
Here are the top three trustee options:
Option 1: Keeping it Close
We all have those trusted people in our lives – a family member, a close friend, or a respected colleague. If you have someone in mind who you know you can depend on to execute your wishes faithfully, this could be the ideal option. They already know you, your family, and your values, which makes for a smooth and comfortable process.
However, it is wise to put yourself in the shoes of that individual. Being a trustee is a huge responsibility. Make sure they are willing, committed, and truly capable of managing all the tasks involved with administering your trust. Consider their age, health, and any other commitments they might have that could interfere with their trustee duties.
Option 2: Seeking Expert Help
If you are looking for someone with financial savvy, top-notch organizational skills, and experience managing complex trusts, then working with a professional fiduciary could be the best route for you. They are experts in trust administration and well-versed in Florida laws surrounding trusts. A key advantage of professional fiduciaries is their neutrality, which can minimize potential conflicts and ensure impartiality.
When considering a professional, check their credentials and licensing. Research their experience level and make sure they specialize in the type of trust you are creating.
Option 3: Sharing the Responsibility
The good news is that you do not have to choose only one person. You can name co-trustees. Pairing a trusted individual with a professional fiduciary can strike the perfect balance. This dynamic duo offers the advantages of familiarity with your family and financial acumen – a winning combination. Plus, co-trustees provide checks and balances to prevent any one person from having unchecked power.
If you are considering co-trustees, discuss how they will work together in advance. Will they need to reach an agreement on all decisions, or can they make some decisions independently? Having a clear process will help avoid future misunderstandings.
Choosing a Trustee is Easy When You Work with Experts
Deciding on a trustee is a deeply personal choice. The person you choose needs to perfectly fit your unique circumstances and goals.
At Jurado & Associates, P.A., we have seasoned attorneys with extensive knowledge in the area of trusts and estates and are well-equipped to help you pick the trustee who fits your estate plan like a glove.
Why Trust Us with Your Trust?
Choosing the right team to support you through this process is just as important as choosing the right trustee. At Jurado & Associates, P.A., we pride ourselves on our commitment, experience, and client-centered approach. Do not hesitate to reach out and let us help give your trust a strong foundation. Feel free to contact us by phone at (305) 921-0976, email us at [email protected], or message us through WhatsApp at +1 (305) 921-0976.
