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How can I choose the best trustee for my estate?

If you're currently creating an estate plan in Michigan, you may be considering adding a trust. While this is a very helpful estate planning tool, you'll need to choose a trustee that is capable of performing all necessary tasks, some of which may be complex. AARP offers the following advice to people who are in search of the right person to oversee their trust.

Consider a corporate trustee

You can choose a financial institution, such as a bank, to be your trustee. There are certain benefits to choosing a corporate trustee, including impartiality. You won't need to worry about family conflicts in this case, which offers peace of mind. However, there are fees associated with this option, which can get expensive. Also, corporate entities may be inflexible in terms of what you'd like to see done with your estate.

Keep age and health in mind

Even the best trustee will be of little help if he or she is not around when you die. Accordingly, it's recommended that you pick a person younger than you who is also in good health. You can also pick a back up to ensure your estate will remain in good hands no matter what occurs. Naming a co-trustee is another option, which entails having two people making decisions on your behalf.

Revisit your selection

Because circumstances are bound to change over time, you will want to periodically revisit your choice of trustee. Divorce, deaths in the family, and many other issues can impact your selection and may result with your final wishes not being carried out. If you would like to make changes to your estate plan, contact an attorney for professional guidance.

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Rochester, MI 48307

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