Jeffrey P. Scott & Associates
866-442-3092|651-968-1457

It’s important to select the right trustee

Selecting a trustee is easier said than done. It is good that you are creating a trust in Minnesota, as this has many benefits from an estate planning perspective. On the flipside, you need to realize that choosing the right trustee is extremely important.

Above all else, you must select a trustee you can trust. This person will be staffed with many responsibilities, all of which need to be taken care of in the appropriate manner. Here are some of the responsibilities:

-- Recordkeeping. With so many transactions taking place, your trustee must be able to keep accurate records. Neglecting to do so will make things much more difficult.

-- Trust administration. This is the most challenging part of a trustee's job, as this is when the terms of the trust are administered.

-- Investment management. In some cases, this is a big deal. For others, this doesn't come into play. Even so, you want to choose a trustee who is capable of handling this task and all that it entails.

Before you select a trustee, make sure you compare several options. Who is most responsible? Who can you trust to provide a high level of care with every detail?

You are creating a trust because of what it can do for you while you are living, as well as the benefits to your family once you pass on. You don't want to throw out all your good work by choosing the wrong trustee. Instead, compare your options, answer key questions, and realize that this decision is one of the most important you will ever make.

Source: Fidelity, "Why naming the right trustee is critical," accessed June 16, 2016

No Comments

Leave a comment
Comment Information
Email Us For A Response

Contact Us To Talk To An Experienced Attorney

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Jeffrey P. Scott & Associates

Jeffrey P. Scott & Associates LLC
2356 University Avenue West, Suite 400 | St. Paul, MN 55114
Phone: 651-968-1457 Toll free: 866-442-3092
Fax: 651-647-9544
Map and Directions