If you have begun looking into estate planning, you’ve likely learned something about revocable living trusts and why they are so useful to so many people creating a plan. A good revocable living trust will be the cornerstone of many estate plans, and it’s something that almost everyone can benefit from. But when making your living trust you will have to take time to think about who should serve as your trustee. Choosing the right trustee is an essential piece of creating a trust you can rely upon.
Working for Yourself
It’s very common for people creating revocable living trusts to choose themselves as their own trustee. This choice makes a lot of sense for a number of reasons, most of all because you will be the person who can most easily manage the property you transfer to the trust.
Help When Needed
If you choose yourself to serve as trustee, you’ll definitely need to select someone who can serve as the successor trustee should you become incapacitated. Revocable living trusts are an excellent tool when it comes to incapacity planning, but only if you choose a successor trustee who can be responsible enough to manage the trust property in an emergency.
Some people don’t want to be their own trustee. If you don’t feel like you have the time to manage property or would like a more experienced manager, you can always choose a professional trustee such as a trust company or a bank.