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How should I choose a trustee?

A trust is a great estate planning tool for people in Arkansas. When creating a trust, you’ll also need to select a trustee, which is the person responsible for overseeing your estate affairs. Because being a trustee entails a lot of responsibility, AARP offers the following advice to people looking for a reliable trustee.

Consider a corporate trustee

Some people opt for corporate trustees, which include banks and other financial institutions. This can be a good choice in terms of stability, as you know the trustee will always be available to act on your behalf. However, be aware that fees are often much higher with these types of trustees, which can deprive your estate of money. Also, keep in mind that corporate trustees have less flexibility in their decisions since they’ll be beholden to shareholders.

Consider age and health

If you do choose an individual trustee, keep the age and health of the person you select in mind. You want to ensure that the person will be available to assume the role after you’re gone and picking someone older than yourself may make that impossible. You can also choose a backup trustee in the event your first choice is no longer available.

Review your selection over time

Once you’ve made your selection, be sure to review your estate plan over the years. Just because a choice made sense initially doesn’t mean it will suit you later on. New marriages, divorces, or even changes in one’s living situation can all have an impact on your trustee’s ability. If you find that your choice is no longer suitable, consult with an attorney on the best way to redo or rewrite your estate plan.

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Gramling Estes Law Firm

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Gramling Estes Law Firm
One East Center #140
Fayetteville, AR 72701

Phone: (479) 521-4444
Fax: (479) 521-6730
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