When a person is creating a trust it is critical to select the right trustee. Appointing a family member for the position is not always a good idea and it is often better to appoint a third party to serve in the position of trustee. This article discusses the important qualifications that a person needs when taking on the fiduciary responsibilities of the role of trustee. Trustees will need to perform many different tasks and it is important for them to have strong administrative skills. They should also have investment knowledge as well as tax and accounting skills. It is also extremely important for a trustee to be aware of his or her own limitations and to seek out professional help when they need it. Trustees have many fiduciary responsibilities and having personal integrity is a must.
See Walt Zaremba, Trustees Have the Keys to Your Kingdom, Daily Press, March 8, 2016.
