As you prepare to create your will or trust, it is time to choose an executor or a trustee. When you think about executors and trustees, how can you choose someone that is right for the job? The decision can be a difficult one and one to take seriously.
AARP has tips on what type of trustee you should appoint.
Some people choose financial firms or banks. The disadvantage is the cost. You would pay a corporation more than you would an individual. In addition, businesses are impersonal and inflexible.
Expertise can help. If you know someone who has financial experience, then he or she may be a good pick for a trustee. However, the person does not have to be an expert. Instead, you need someone who may be conservative with his or her money. Make sure that the person you choose has common sense. The most important factor is that you should trust him or her.
You can choose co-executors or trustees. This is beneficial because if the trustees must make a tough decision, they can talk it out with one another. Sometimes, however, there can be tension between co-trustees. One recommendation is that you do not name all of your children as trustees. Siblings are more likely to argue.
When you choose your trustee, you may not want to choose trustees who are significantly older than you are. You need a trustee who has a high chance of outliving you. If something happens to your trustee, you would have to choose another.