Who Should I Choose as Trustee of My Trust?



Who should I choose as trustee of my trust? Whenever you're doing estate planning and need to select a trust successor trustee to your revocable trust, you usually appoint a family member. That family member should have some business experience and be one that you believe that would want to treat everyone fairly and to follow your wishes and what you designate under the provisions of the trust. If you are dealing with a lot of money, over a million dollars you may want to consider designating a trust company or a bank with trust powers for them to administer the trust and invest the money so that they can continue to pay the money out for it. If you have a, uh, a trust where you simply want to have your assets distributed to the various beneficiaries, while that's relatively simple to do, and, uh, family members should be able to, uh, take care of that and if they have any questions, you could direct them to contact the attorney who prepared the trust or can contact my office and I would be glad to give them some information and or, uh, represent them. As far as administering the trust, the trustee would be required to, uh, obtain a federal identification number for tax purposes. Since the trust, when it becomes your revocable, uh, becomes a taxpayer and an information return is required called a fiduciary tax return. And so I can give you some guidance as far as the, uh, federal ID numbers concerned, filing the inventory, the notice of trust and the public records and gentlemen, they represent you as far as, administering the trust and taking care of, following the wishes of the person who established the trust. If you have any questions about trust administrations, give me a call at (727) 847-2288.