Choosing a trustee is one of the pivotal moments in trust creation because that person chosen will have the fate of the trust placed in their hands. However, the decision is often given less consideration than it deserves with many people using a friend or family member that, while familiar or trustworthy, might not have the skill set to manage a trust. Relating to a client the sometimes stark realities of trustee appointment can be problematic, especially when the trust will be one that requires active management or the client has a person in mind that is clearly unsuited to the roll. The article below offers some great tips on how to talk about the issue and options that can be presented to any client in this position.
See Kyle Krull, Trustee Selection Pointers, Wealth Management, June 23, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
