member. But that’s not always the best solution. Here are some points to consider on the selection of a trustee.
One of the toughest decisions in estate planning centers on selecting a trustworthy family member to be
the trustee. But sometimes the best person for the task is not a family member. And trust is not always
the driving factor.
Often, no one person in the family possesses the skills and knowledge to serve as a trustee.
There are a number of things to consider when making this important decision. Here are a few good
reasons why you might want to consider selecting a person who is not a member of the family to be a
trustee, as covered in The Wills, Trusts & Estates Prof Blog post "Why It Is a Good Idea to Choose a Non
Time – Does the family member have the time that is required to manage the trust? This may
become burdensome for people who are busy with families, jobs and their own responsibilities.
Personal Liability – There is a downside to being a trustee. The family member is exposed to
liability that may have a significant impact on their own financial well being.
Family Disputes – Sadly, it is not unusual for beneficiaries to have conflicts with the trustees.
Heirs may differ in how the assets are being distributed or invested and coming into conflict
with a non-family member, especially a financial professional, may be less harmful to the family
dynamic than fighting with a relative.
Selecting a trustee requires careful planning, insight into the process of being a trustee and sometimes,
making a different decision than one would expect.
Contact an estate planning attorney for some ideas appropriate for your circumstances.
Reference: The Wills, Trusts & Estates Prof Blog (June 10, 2015) "Why It Is A Good Idea To Choose A Non Family Trustee."