Who Should Be the Trustee of Your Living Trust?

A trustee is a person or institution selected to administer a trust. A trustee’s role is to comply with the terms of the trust and fulfill its objectives. In selecting a trustee, you must weigh personal, financial, and professional concerns, according to the nature and the purpose of the trust. Since a living trust is intended to be in effect during your lifetime so that you can maintain control over your assets, you and your spouse may be ideal candidates for being named trustees. Grown children may also be ideal candidates.

There are numerous ways to use trusts to accomplish a variety of estate planning and financial objectives. For specific guidance, consult your financial, tax, and legal professionals.

 

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