Estate Planning Attorney Denver|Trusts & Wills|Choosing Trustee

Meurer Law Offices, P.C., serves clients in Denver, Greenwood Village, Centennial, Aurora, Littleton, Englewood, Arvada, Westminster, Broomfield, Parker, Castle Rock, Lone Tree, Sheridan, Elizabeth, Kiowa, Lakewood, Parker, Highlands Ranch, Denver County, Arapahoe County, Adams County, Douglas County, Jefferson County, Colorado.

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Choosing A Trustee

You can serve as your own Trustee or you can appoint an individual such as your spouse, a relative, a friend, a lawyer, or other advisor to serve as Successor Trustee. When deciding who to select as your Trustee, you need to consider whether they are worthy of your trust and willing to accept the job. Your loved ones and best friends may not always be the best choice. You need to elect an individual who is comfortable handling assets, dealing with legal and tax matters and will take the time to actually administer their duties.

A professional Trustee may be the best choice if your property will be difficult to manage or distribute. The disadvantage of professional or corporate Trustees is that they are impersonal and charge annual fees up to 2% of the value of the Trust assets. Furthermore, many corporate Trustees are unwilling to serve if the value of the Trust assets is less than $100,000.

The Living Trust document will set forth the duties of the Trustee to manage the Trust property, keep records, prepare tax returns, and make distributions to your heirs. Your Trustee should have knowledge of your goals, experience with legal and tax matters, trustworthiness, an understanding of your beneficiaries needs, investment expertise, and be affordable.