Selecting someone to oversee your financial affairs after you pass away is a task you may not look forward to doing. However, naming a trustee now will minimize confusion and misunderstandings later. While there are probably many people you consider, the right individual will commit to carrying out your wishes fully. Financial planning advisors offer the following suggestions for choosing a trustee.

How to Pick the Right Trustee

1. Go With Impartiality

The appropriate person needs to be impartial when it comes to your expressed interests. This means they will follow your trust document to the letter without outside influence. For instance, your selected trustee will ensure the division of assets among beneficiaries is as instructed. Impartiality is also critical for managing a trust fund and other accounting.

2. Consider Financial Acumen

While the trustee doesn’t have to be a licensed advisor, consider someone who has financial planning experience. Ideally, they should have an understanding of estate rules, but if they don’t, are willing to learn about them. A trustee who is familiar with investments, taxes, bank accounts, and other income-related matters will likely serve on your behalf better.

3. Weigh Benefits of Family vs. Outside Council

Choosing a family member, bank, or trust company as your trustee is a personal decision. Whoever you select for this significant financial planning task should understand and embrace the fiduciary duty of being a trustee. It should also be someone willing to go the legal distance in court if someone challenges your trust. Keep in mind selecting an adult child over another can cause resentment. A remarried ex-spouse whom you share kids with could also be an issue for adult stepchildren.

First & Peoples Bank and Trust Company in Russell, KY, understands the nuances of naming a trustee to oversee your estate. That’s why the local bank offers personalized financial planning to help you make a choice and achieve peace of mind. In addition to two branches in Russell, the bank has locations in Flatwoods, Greenup, and South Shore. If you need their guidance, call (606) 836-0211 for a consultation. You can also learn more about trust services online.