It is fairly easy to find online advice about who to appoint to be a trustee. However, there is comparatively little advice for those chosen concerning whether or not they should accept the position. Some things to consider are below.
If a friend or family member asks you to serve as the trustee of his or her trust, you should feel flattered. If the asker did his or her homework, then you are being asked because you are considered trustworthy and responsible.
Flattery aside, it is important that you do not let that feeling cloud your judgment.
You need to know what you are getting into before you say yes.
Morningstar recently published an article titled “6 Tips for Family Trustees.”
While you will want to read the original article, here is an overview of those six tips:
Consult an experienced estate planning attorney to help you understand the implications of agreeing to serve as a trustee.
Even if you say “yes,” make sure the trust authorizes you to hire outside experts to assist with the administration details like tax returns and investing.
Reference: Morningstar (June 28, 2015) “6 Tips for Family Trustees“
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