The choice of a trustee is typically based on the degree of confidence you have that the individual will always prioritize your family’s well-being. Your heirs may rely upon the income generated from the assets held in your family trust for many decades into the future.
To reflect a sound choice regarding a trust involving real estate, your trustee will benefit from an understanding of Florida property matters. This could include managing rental income and paying taxes, maintenance and insurance fees.
The trustee you choose should also have solid communication skills. He or she will most likely engage in discussions of your trust’s affairs with your accountant, legal team and real estate associates.
Do my spouse and kids need to like a trustee?
An individual that your family could comfortably turn to in time of need may play a deciding role in who you appoint. As noted by Forbes magazine, encouraging your children to meet your trustee and establish a relationship can help promote transparency in managing your assets.
When heirs understand how a trust provides them with a financial safety net, they may check in regularly with a trustee. By adding a clause into your trust document, your adult children may monitor a trustee’s actions and find a replacement if he or she no longer complies with your intentions.
What other skills should a trustee possess?
Depending on the size and needs of your estate, you may authorize your trustee to take control of a wide range of legal and financial affairs. Part of his or her duties may include selling your assets and distributing the income to your heirs according to your wishes. A well-chosen trustee would bring strong organizational and record-keeping skills to the management of your estate.