We Are Workers’ Lawyers.

  1. Home
  2.  » 
  3. Uncategorized
  4.  » What does a trustee do?

What does a trustee do?

On Behalf of | Mar 25, 2022 | Uncategorized

Are you ready to create an estate plan but confused by all the different terms and jargon used? If so, you aren’t alone. The process can be confusing.

One term to know is “trustee.” The role of a trustee is important and something to consider carefully. Because of this, it’s smart to learn what they do and what role they play in your estate plan.

What responsibilities does a trustee have?

If you create a trust (which isn’t a requirement of an estate plan but an option), you will assign a trustee. This is someone you trust to take legal ownership of all assets placed in the trust. This person is also tasked with administering the trust, as the grantor (the person who made the trust) specifies.

Why is it so important to choose the right person as a trustee?

Naming a trustee means you believe they will act in your best interest and ensure that your desires for the assets in the trust are carried out. Because of this, it’s important to consider carefully whom you will appoint to this role.

Discuss your decision

Before naming someone as a trustee, it’s important to discuss this with them. This role takes a lot of time and carries a lot of responsibility. Because of this, you want to ensure the person you name is willing to take on the responsibility. By discussing this ahead of time, you can have confidence you chose the right person.

Naming a trustee

Having an estate plan is a great way to have confidence that your assets will be distributed as you see fit after you pass. However, a lot goes into the process, including naming a trustee if you create a trust. Be sure to use the above information to choose the right person for this role.