Deciding on a trustee for your estate plan can shape the future of your legacy. This person will handle your assets and follow your wishes after you’re gone.
It’s a big job that needs specific skills and personal qualities. As you think about who to choose for your Ohio estate plan, it helps to know what makes a good trustee.
What to look for in your trustee
Your ideal trustee should possess a mix of personal and professional qualities. Consider these important traits when making your choice:
- Financial literacy: Your trustee should know the basics of finance and investing.
- Honesty: Pick someone you trust completely to do what’s best for your loved ones.
- Fairness: A good trustee makes balanced decisions, even if they might benefit from the trust too.
- Organized: Choose someone who’s good with details and can keep track of paperwork.
- Articulate: Your trustee should be able to explain things clearly to your family and other professionals.
- Free time: Make sure they can commit to this role for the long haul.
- Ohio know-how: It helps if they understand Ohio’s trust laws, but it’s not a must-have.
- People skills: They should be able to handle family issues and solve problems calmly.
These qualities make up the ideal trustee. While you might not find someone with all of these traits, try to focus on what matters most to you. For bigger, more complex estates, you could also think about hiring a professional trustee, like a trust company.
Choosing your trustee is a big step in making sure your estate plan works the way you want. Take your time, think it through, and talk to an estate planning lawyer who can guide you based on your family’s needs.