You’re a step ahead of the pack if you’ve created a will or trust. Don’t stumble at the finish line by naming the wrong executor or trustee.
Seek help, but common sense is also great. You do not need to be a Wall Street whiz to act as your executor or trust. But, you do need a person who knows when it is time to involve a specialist.
You need someone with a good business sense. Choose somebody who has common sense. People that aren’t reluctant to investigate and ask for help, not all know who think they don’t need help.
Ensure that your pick will be around to act. Take into consideration the person’s age and health. The chance of the person being the administer your property, is important they don’t pass. The performer or a trustee has to outlive you, so you wouldn’t wish to name your brother or sister when they are your age or older. We have found executors or trustees that was unavailable when required, whether due to disability, distance, or passing. That is why we are sensitive on trusting the right people.
We see people names their parents or an older uncle because he was able to work in a financial institution. That is fine, but trust has to include successor trustees. You can name an heir yourself, let your executor or trustee to name an heir, or even choose a corporate executor or trustee. We always have a corporate trustee.
Know when to use, and prevent trustees. Speaking of trustees, there’s a debate over whether banks or financial services companies are a smart choice.
The edge is that so long as the business is around, it can’t outlive the trust. But, you will pay corporate trustees more than a person trustee, plus they can be impersonal. You might work with various people over time. And because they are corporate trustees are more rigid due to increased accountability and also the fact that they must answer to shareholders.
Name a group. We use co-trustees because a few trusts could last for quite a long time or have a considerable number of assets. The largest advantage is that whenever you’ve tough decisions, they are not all left in one person’s hands. So consider using one or more trustee, but not too many since which could cause administrative headaches.
Instead of focusing on “being fair” to your children, aim to prevent family conflict. Fights will cause more friction in the family, deplete the estate’s assets and take a lot of time. Do whatever you can to avoid legal conflict.
If you need any help with getting an Executor or Trustee, let us know.