A trustee is the person or entity that manages the assets of a decedent’s revocable living trust when the decedent dies. That’s a very important role – so choosing the right trustee is a very important task.
Pick Someone You TRUST
Trustees have broad powers and broad discretions. They must properly invest funds and make distributions to beneficiaries. They must provide for the beneficiaries’ reasonable needs without wasting trust funds to that the beneficiaries run out of money. For these reason, the most important factor in picking a trustee is picking someone you trust.
Should my Trustee be Younger than Me?
One question that arises when choosing a trustee is whether or not the person chosen must be younger than the persons creating the trust. It’s a logical question, as the person chosen as trustee will act after the trust settlors have died – so the hope in choosing a trustee is that the person chose will outlive the settlors.
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