Choosing an individual trustee for your revocable trust is sometimes stressful and there are many factors to discuss. Always consider individuals who can perform the duties and have the time and integrity to do the job.
Many people consider the use of an individual as a trustee, for several reasons. First, an individual knows the family and its needs. Second, it is assumed that an individual will serve for free and therefore be significantly less expensive than a corporate trustee. Third, many individuals believe that bank trust departments traditionally produce inferior investment returns and are insensitive to the needs of the beneficiaries. Finally, corporate trustees typically do not serve as personal representative, as agent on a power of attorney, manage real property, or handle distribution of personal property.
A Trustee will need to be honest, detail oriented, have time, know when to hire professional advisors, and be willing to serve. It may be useful for the family to have a Trustee who can make decisions with a lack of bias. An individual may not be the best trustee if that person will have to make trust decisions that impact what they will ultimately receive from the trust.
Thomas J. Bayles has been providing advice in the areas of trusts, wills, probate and tax planning in the St. George market for over 20 years. Please visit www.jensenbayles.com or call 435-674-9718 and ask for Thomas J. Bayles. The information in this article is for educational purposes and is not intended to be legal advice.