One of the most important aspects of creating an estate plan is choosing the right trustee. A quality candidate will be able to perform all the necessary tasks, while also proving to be readily available when the time comes for duties to be carried out. If you’re in search of a trustee in Illinois, the AARP recommends the following tips to help you select the best candidate to handle your affairs after you’re gone.
The most crucial consideration when choosing a trustee is whether this person will be available when needed. Your trustee will need to be physically and mentally capable after you die, so choosing a person who is older or in poor health isn’t usually the best option. You can also choose one or two backup options, who can take over in the event your first choice is unavailable.
You can also elect a team of trustees, who will work in a group to make decisions on your behalf. Differing perspectives among trustees may result in better decision-making overall, especially for estates with a large amount of assets. When choosing a team, refrain from naming children (as they can have vested interests in the way assets are distributed), and keep the number of trustees small (from two to three people).
Don’t be afraid to change trustees at some point if you feel your first choice is no longer appropriate. Major life events like divorces or new marriages can complicate matters, and your final wishes could suffer as a result of any upheavals. You can also opt for a corporate trustee (such as a bank), who will remain neutral when it comes to making decisions on behalf of your estate.