Once you have made the decision to create a Trust, the next question is often, “Who should be my Trustee?”
Of course that is a completely personal decision, and many people naturally elect their spouse for that role. However, consider that the time immediately after your passing will likely be extremely stressful for your spouse. He or she may welcome a trusted advisor to assist with your final legal and financial matters.
Here are a couple of considerations before your decision:
An optimal Trustee:
- is at least 10 years younger than you are,
- lives in the same state as you,
- has no long-term health, or mental health issues,
- has demonstrated trustworthiness and good judgment,
- may have special expertise in financial matters, especially maintaining accounts and records.