The ins and outs of naming a trustee

Description

Abstract: When naming a trustee for a trust holding assets for a beneficiary or beneficiaries, it’s vital to make the right choice, because the trustee role carries significant legal responsibilities. Often the choice is between a person, such as a trusted friend or family member, or a financial institution. This article details a trustee’s responsibilities and discusses the qualities — and qualifications — a trustee must have. The article points out that, because of the sensitive responsibilities assumed and the length of time over which some trusts extend, many legal and financial professionals recommend engaging a corporate trustee, such as a bank or financial institution.