Appointing a qualified trustee ensures a smooth transition of asset management from one person to another in the event of death or other circumstances.
A trustee is someone you can appoint to manage your financial affairs if you are unable to do so. The trustee is responsible for using the trust property for the benefit of the trust beneficiaries according to the terms of the trust document. If those duties are breached, the trustee can be held personally liable.
Choosing a Trustee
Depending on your needs, you may select a single trustee or multiple trustees. Who you name depends on the type of trust you establish and your individual needs and goals.
Whomever you choose should be capable of administering the trust according to the terms of the trust document. In addition to the willingness to serve as trustee, the person or institution selected may need to have investment experience and good record-keeping abilities. Having a trustee who relates well with the beneficiaries and is sensitive and flexible regarding their changing needs is also important.