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Mary Beth Kelly

The Basics Of Choosing A Trustee In Florida

On Behalf of | Dec 29, 2021 | Estate Planning |

A trustee is a key player in estate planning. They are responsible for carrying out the wishes of the estate owner as written in the will. This can be a difficult job, and it is important to choose someone who’s qualified and trustworthy.

Who is a trustee?

A trustee is a person or estate planning company that manages the estate’s assets for beneficiaries. They ensure funds are correctly used besides paying bills, taxes, insurance premiums and other estate expenses as designated by the will.

A trustee is responsible for making sure that all the estate’s assets get distributed as directed in the estate plan.

When choosing a trustee, you should consider the following:

How familiar are they with your family or beneficiaries?

You should consider selecting a trustee who is familiar with your family or beneficiaries. For example, if you are planning to leave assets to your children, choose a close friend who knows them and has worked closely with them in the past. This can help to avoid any misunderstandings or disputes after your death.

Do they have the time and resources to take on this responsibility?

The trustee you choose should be able to handle the responsibilities of the role. This includes having enough time to manage estate affairs, as well as access to the necessary resources.

Are they reliable and honest?

When choosing a trustee, it is important to select someone who you can trust. This person will be responsible for handling your estate after you die. Make sure to ask around and get references before making your final decision.

Do they have the financial means to manage estate affairs?

The trustee you choose should be able to handle any expenses that arise during estate management. It is not appropriate, for instance, for a trustee to put themselves in debt or withdraw money from estate assets because of overspending. Make sure to ask about their income and debts before appointing them as your trustee.

It can be difficult to choose someone as important as your trustee, but it’s worth putting in the time and effort before you pass away. When choosing, make sure to consider the person’s familiarity with your beneficiaries, time and resources available, honesty and financial stability. This will help to ensure a smooth estate transition for your loved ones after you’re gone.