It goes without saying that trustworthiness is the number one trait you should think about when you choose a trustee for your estate plan.  Is the person going to do the job? Are they going to do the job right? Are they going to put the needs of the trust, estate, and other beneficiaries first? We know it’s a lot to think about, and honestly, there is no correct answer when it comes to choosing your trustee or trustees because every family is different. While it may also seem logical to name your child or children as trustees, this route can also come with its own complexities and concerns. As parents, the last thing you want to do is cause your family stress or unhappiness should you become incapacitated or pass away.

In this episode, Kirsten Howe and Madison Gunn talk about the factors to consider when naming your children as trustees, and some of the other more neutral options to think about, depending on your estate. Some of the points they cover include:

• Why you might want to choose two separate trustees; one if you become incapacitated, and another if you die.
• The personality traits that are important to consider in your trustee selection.
• Why splitting the trustee duties between two children equally may or may not be the right decision.
• When it might be suitable to hire a neutral third party to carry out your trust plans, such as a licensed professional fiduciary or a corporate trustee.

And more.

Carrying out a trust plan after its owner becomes incapacitated or dies is a big responsibility that takes much more time and effort than many realize. It’s important to make sure the person you select will be able to do so fairly, in a timely manner, and with minimal friction alongside your other beneficiaries. Whether you’ve already selected a trustee for your plan or you’re just getting started, this is an episode that every family should listen to. You may want to update your plan after you hear what Kirsten and Madison share.