When it comes to Las Vegas estate planning, one of the most consequential decisions you’ll make is who will execute your will or perform the role of trustee of any trusts you set up. These people are called fiduciaries, and are legally bound to represent your interests in the event that you are no longer able. Before you choose your trustee, keep a few of these tips in mind.
It doesn’t have to be just one person
You don’t have to select a single trustee. For example, if you have kids, you might want to make all of them co-trustees. Or you might choose a professional with legal or financial expertise to be a co-trustee with a family member.
Keep in mind that the trustee should be impartial
A trustee needs to be impartial, which is difficult if the trustee is a beneficiary of the trust or very close to the beneficiary. For example, if your son is the beneficiary, it might not be wise to select his wife as the trustee.
Consider going professional
While there are more costs associated with hiring a professional trustee than a family member, there are also many benefits. For one, a family trustee might pass away or be otherwise unable to act. Additionally, a family member might have a more difficult time being impartial.
You can negotiate
If you choose to hire a professional trustee, you can negotiate the terms and fees. This is important, as you need to feel comfortable with the conditions of the role. Trustee fees are usually expressed as a percentage of the estate’s value.
Think about the trustee’s background
When it comes to your estate, background matters. Your next of kin might seem like the obvious choice, but a trustee with no legal or financial background might not be a wise decision. A good trustee should be familiar with the legal and financial world.
We’re here to help. Give us a call today, if you need help making this important decision and choosing a trustee.