Choosing the Right Trustee for Your Living Trust

Establishing a living trust is a smart way to protect your assets, maintain control over your estate, and ensure your wishes are carried out. But one of the most important decisions you’ll make is choosing a trustee—the person or institution responsible for managing the trust according to your instructions.

What Does a Trustee Do?

A trustee is responsible for:
✔ Managing trust assets – Ensuring investments, property, and other assets are handled properly.
✔ Following trust instructions – Distributing assets according to your wishes.
✔ Acting in the best interest of beneficiaries – Making financial and legal decisions with fiduciary responsibility.

Who Should You Choose as Trustee?

Many people name themselves as the initial trustee, allowing them to manage assets during their lifetime. But you also need to name a successor trustee—someone who will take over if you become incapacitated or after you pass away. Here are some options:

Family Member or Friend

✔ Knows your values and family dynamics
✔ May serve without a fee
✖ May lack financial or legal experience
✖ Can create tension among beneficiaries

Professional Trustee (Attorney, CPA, or Trust Company)

✔ Experienced in financial and legal matters
✔ Impartial and follows the trust terms exactly
✖ Charges fees for services
✖ Less personal connection with beneficiaries

Co-Trustee Option

✔ Combines personal knowledge (family member) with professional expertise
✔ Provides checks and balances for decisions
✖ Can slow down decision-making if disagreements arise

Naming a Successor Trustee

Your successor trustee ensures that your wishes continue to be followed after your passing. If you have grown children, they may be a natural choice—but consider their ability to handle financial and legal responsibilities. If needed, a trusted professional or corporate trustee can help.

Final Thoughts

Choosing a trustee isn’t just about who you trust—it’s about who has the skills, time, and ability to manage your trust effectively. A poorly chosen trustee could lead to mismanagement, disputes, or even tax consequences. To make the best decision, consult an estate planning attorney to ensure your trust is structured to meet your long-term goals.