Originally published by Robert Kraft.
Part of being a responsible adult is preparing your will. To ensure that all of the assets that you have are properly dispersed, you’ll need to name a trustee for your will. Before you jump the gun and pick a person, here are some things that you’ll need to consider before you make it all legal with your attorney.
They Should Agree to the Responsibility
The trustee you name will be responsible for handling your assets, taxes, and every other part of your estate when you pass. Therefore, you should ensure that the person you want to name as your trustee is willing to take on that responsibility. The actions of your will being played out depends on the trustee you name. You should be naming someone who will follow the wishes in your will to a tee.
You’ll Need to Choose A Name for Your Trust
Part of taking care of your assets means that the trustee you name will need to have full control over them. This includes everything from your car to your bank accounts. For this reason, you’ll need to pick out a name for your trust. This way, your probate attorney can help to instruct you on how to set up these accounts for easy access for your trustee in the future when the time comes.
Trusts Allow for Legal Transfers
One major advantage of having a trustee is that they can assume ownership of your assets once you pass without any interference from the state. When you have a will, your beneficiaries will have to go through a probate court to gain ownership of your assets. This can be a real problem as it takes time to do. Therefore, setting up a legal trust before you pass is a surefire way to ensure your assets get transferred directly to your trustee without any state interference.
The Executor and Trustee Can Be Different People
As you learned from above, the trustee is the person who takes legal ownership of your assets after your passing. In most cases, the trustee is also the executor of the will unless otherwise specified. The will executor takes care of dispersing your assets to the beneficiaries you named in your will. You can have a different trustee and executor if you would like. These two people will need to work closely together to execute your wishes.
Understanding what a trustee is can make all the difference in how you prepare the wishes in your will. Talking with an attorney to develop a trust is a great way to ensure that your wishes are carried out as you want. Hopefully, you now have a better idea of what a trustee is and why you should name one in your will.
Author information: Anica Oaks is a professional content and copywriter who graduated from the University of San Francisco. She loves dogs, the ocean, and anything outdoor-related. She was raised in a big family, so she’s used to putting things to a vote. Also, cartwheels are her specialty. You can connect with Anica here.
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