How to Choose the Right Trustee for your Revocable Trust

If you’re the type of parent who likes to plan ahead, then naming your children as trustee of your trust might make a lot of sense – but only if they’re fully prepared to take on such an important role. Before deciding whether or not it's the right move for your family, there are a few key considerations you should keep in mind.

Make Smart Estate Planning Decisions

First, revocable trusts are popular estate planning tools used to manage your property and assets – both during life and after death. When you create a revocable trust, you’re entrusting someone (in this case, one of your children) with the responsibility of managing those assets. It’s important that any child you appoint be mature enough to handle that kind of responsibility.

They should also have the time, basic financial knowledge, and communication skills to carry out this vital role. There may also be financial implications if they don't do their job properly, so make sure they understand what's expected of them.

Avoid Family Conflict: Name a Non-Family Member as Trustee

It's also important to consider the potential disadvantages associated with naming a kid as trustee. For example, it’s likely that other family members will expect them to make decisions that are in their best interest, even if it’s not what you wanted. This could create tension and conflict between members of your family. For this reason, many people choose to name a non-family member or a professional to act as trustee. This can help alleviate family conflict in many situations.

Make Sure Your Children are Ready to be Trustees

When it comes to naming one of your children as a trustee for your revocable trust, take time to think it over carefully. It’s an important role that requires maturity and responsibility. Make sure they’re truly up to the task before you add them to the mix.

Consider potential conflicts within the family, financial implications if things go wrong, and whether or not they will be able to manage the type of assets in your trust. Ultimately, only you can decide what’s best for your family – make sure you consider all angles before making a decision.

Our estate planning attorneys work with clients every day in establishing their trusts and helping them decide on who to name as trustee. For more information, contact us at https://www.wagnerlegalmn.com/contact-us/ or call the office at (507) 288-5567.