Ohio residents who want to establish trusts as a part of their estate plans may wonder how they should choose the trustee. It is important to consider who to choose to serve as a trustee carefully in order to make certain that the trust will be administered in the best interests of the beneficiaries.
When people first prepare living trusts, they will normally be named as the initial trustees and will administer their own trusts during their lifetimes. If the initial trustees are married, their spouses will normally then assume the roles of trustees. When the spouses die, the trustees who will assume the duties are known as successor trustees. It is important to be careful when choosing who will serve as the successor trustees.
Some people choose to have their children serve as successor trustees. They should be aware that administering trusts is time-consuming, and they might want to make certain that their children will have the time needed to commit to serving. Friends may be named as successor trustees, but they should be compensated because of the time and complexities involved. Other people choose professional fiduciaries to serve as successor trustees. Finally, banks may be willing to serve as successor trustees in situations in which the trusts contain a lot of financial assets that the banks can manage.
Thinking about trust administration when planning a trust is very important. The task is complex, and it is important to choose a trustee who is trustworthy. People may want to discuss how they might choose trustees with their estate planning attorneys who can offer guidance about who to choose depending on their clients’ individual circumstances and needs. They may also be able to suggest professional fiduciaries who might serve in the roles.