Tips for Selecting Trustees

Ben Mattlin (financial author) recently published his article entitled How to Select Trustees, Financial Advisor (October 2010). The introduction is below:

In recent years, trusts have become a popular financial planning tool. Whether they are for wealth transfers, estate planning, creditor protection or other purposes, they “are almost required these days,” says Kevin Mooney, a financial advisor at Jagen Investments in Henderson, Nev.

Yet trusts can only be as successful as the trustees who manage them. So picking the right trustees is crucial. That’s not always easy. “A lot of clients may understand their own business models but not the complexities of trusts,” observes David Kleinhandler, a wealth advisor at New York-based DKA.