Beyond the Firstborn: Rethinking Traditional Trustee Selection Logic

Todd Whatley deepens his exploration of trust issues with an essential, often overlooked aspect of trust creation: trustee selection. He explains why choosing the right trustee is crucial and provides practical guidance on qualities to look for, common mistakes to avoid, and when to consider professional trustees.

• Trustees have significant responsibilities including asset management, compliance with trust terms, fair distribution, and handling administrative tasks
• Good trustees need financial acumen, organizational skills, integrity, trustworthiness, and strong communication abilities
• Commercial trustees are often worth considering as they're trained, licensed, bonded, and can handle the full-time job requirements
• Common mistakes include choosing family members without proper qualifications and selecting unavailable or disinterested trustees
• Co-trustees offer benefits like shared responsibility but can create conflicts and slower decision-making processes
• Special situations like special needs trusts, charitable trusts, and Medicaid planning require specialized trustee knowledge
• Education is key—attorneys should spend time explaining trustee responsibilities and options to differentiate themselves from non-attorney trust providers

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Information to help you answer all of your questions about aging.