Trusting your Trustee (or Personal Representative) can be one of the hardest parts of setting up your Estate Plan. You want to make sure that it’s someone who is financially responsible, organized, and will carry out your final wishes.
Typically you are the Trustee during your lifetime – but if you have a stroke or somehow are disabled, your successor Trustee takes over and makes sure your assets are taken care of and are used to take care of you! Sometimes the natural choice is a child – or children – and it is the perfect choice for your situation. However, it is important consider the following points:
· Does your child has the time to handle the responsibility?
· If you have more than one child, do your children get along well?
· Is your child responsible with money?
· Is there someone else that makes more sense for a Trustee or Personal Representative?
There are many, many other questions that may come up when discussing who would be a good Trustee or Personal Representative. It is important to discuss the options with an experienced attorney to address all these questions.