Fredrick P. Niemann, Esq., a NJ Trust Attorney
Your revocable living trust is much more than just a document that says who gets what percentage of your estate or which specific items that you leave behind when you die. A living trust details how and when heirs are to receive their inheritance, which is to take over any businesses in question, and many crucial issues of your estate. A living trust should be very specific in how your estate is to be administered. Therefore, the choice of a suitable is a very important decision that should be carefully considered in your estate planning process.
How Should You Choose the Trustee of your New Jersey Living Trusts: Choosing a Trusted Friend or Family Member
When selecting a person to be the trustee of your living trust, you need to answer an important question:
Who can and will step into my place and confidently act as I would in carrying out my wishes?
It is critically important to select a person that you have full faith and confidence in. You should feel at ease that he or she would carry out your requests as they are written in your estate planning documents. Some typical choices include a:
Close family friend
Close family member
A licensed professional such as a CPA or attorney
While you may feel completely secure in trusting this huge responsibility for carrying out your wishes to a family member, there are several situations when that is not wise or possible. In that case, your estate planning wishes can be addressed by a trusted outsider.
Living Trusts: Choosing an Outside Trustee
If you do not have a close friend or relative that you feel comfortable with, or if by selecting one of the heirs will cause conflict, then there are other options. You can hire an outside trustee like:
A trust company
A financial advisor
These professionals are generally experienced and knowledgeable in what is required to be a trustee and can often work more expediently and effectively, which saves the heirs money and time. While there are many benefits to not having a family member involved as the trustee of your living trust; there are also some drawbacks to using a bank, trust company or professional as your trustee.
Higher fees and expenses
Minimal estate value of around $700,000
No matter whom you select as your trustee, you want to be sure that you have full confidence in him or her to do exactly as you want, no matter what other people say. There may be heirs who are unhappy with the terms and conditions of the living trust and will try to sway your representative to do as they want. Knowing that you have a strong, trustworthy individual protecting your wishes will provide peace of mind.
If you have any questions about New Jersey Trusts or the role of a trustee in a New Jersey Trust, contact Fredrick P. Niemann, Esq. at 732-863-9900, or firstname.lastname@example.org/. He is happy to meet with you to address your inquiries. For further information, go to