If you’re going to create a revocable living trust in Florida, you’ll need to take the time to think about whom you want to serve as your trustee. While many, if not most, people who create a living trust choose themselves to serve in this important role, this isn’t the only option. There are several factors you will need to think about when considering whom your trustee should be.
If you are creating a living trust, it’s fairly safe to assume that you are mentally competent. All trustees have to be able to make prudent decisions, and serving as your own trustee to guard over your own interests is a natural fit. However, it’s important that if you do select yourself to serve as trustee you also nominate a successor trustee who can take over your responsibilities should something happen to you. Whether you experience declining capacity as a natural result of the aging process, or suffer a sudden injury or illness, the successor trustee should be someone you trust and who is capable of managing the trust property.
If your trust owns extensive assets and has complicated holdings, you might want to consider a professional trustee. Whether it’s a bank, trust company, or another kind of professional fiduciary, professional trustees can be a good fit. Even though they charge for their services, a good professional trustee might be the best way to go if you need someone else to look after the trust for you.
If you’d like to know a lot more about living trusts, you can attend one of our free seminars on how to make sure your living trust works. We will be in Vero Beach and Port St. Lucie, Florida on June 18, 19th, and 20th. Contact our office for registration details, times, and locations.