Just like you wouldn’t trust your health care power of attorney to just anyone, why would you pick someone who isn’t qualified to be the trustee of your trust. You want to protect your assets in the same way you protect your health. Here are some attributes that your trustee should have.

Investment Knowledge

The money in a trust should be invested. This means that the person who is the trustee should have some knowledge about investing, or know where to find the right advice. Poor investing could reduce the amount of money in the trust, or lose it altogether in extreme cases.

Administrative Savvy

There are a lot of jobs that need to be performed when you are named the trustee of a trust. This means that whomever you choose to be your trustee should be able to handle administrative tasks and also be able to multitask. The trustee should be able to protect your assets, invest, distribute income, handle legal matters, pay bills and other tasks all at the same time. If the person you are considering isn’t good at multiple tasks or doesn’t handle stress well, you may wish to reconsider.

Tax and Accounting Experience

Recordkeeping is part of the trustee’s job. This means keeping detailed tax records, submitting reports to the beneficiaries and the IRS if need be. Having experience in these areas is a must for a successful trustee.

For assistance in setting up a trust contact Stano Law group today.