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Q.Who should be the trustee of my living trust?
A.The majority of people serve as trustees of their own revocable living trusts until they become unable (incompetent) or die. Others select a trustworthy person either because they need assistance, don't have they time to manage their assets, or simply do not want to manage their day-to-day financial affairs.
Choosing the right trustee to act on your behalf is extremely personal and important because the trustee typically has considerable authority and responsibility.
Your trustee can be your spouse, adult child, domestic partner, a relative, family friend, business associate, or a professional fiduciary (licensed registered individual, bank, trust company, accountant or attorney licensed in your state). You may also name co-trustees (one to look after the other).
Whoever you choose, the person(s) should be extremely trustworthy, competent (either to handle the affairs himself and/or delegate his the difficult tasks to the right professional, at least 18, and a resident of the state where you live.
If you select yourself, as most do, you will still need to appoint a successor trustee (or two). Will the person you select have the ability? Will they have the time? Will they want to assume the responsibility? And most importantly, are they trustworthy?
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