A properly drafted and funded revocable living trust is an essential estate planning tool for many people. If you are creating a revocable living trust in Greensboro, North Carolina, one key step you will have to take is selecting a trustee to manage the trust property. While there are several options available to you when you make this choice, there are also some issues you need to consider before making up your mind.
Acting as your own trustee.
When most people create a revocable living trust they select themselves to act as the trustee. This is a natural choice because the property that the trust owns is essentially everything that you own. Because you will still be using that property, it makes sense that you name yourself the trustee.
Asking a family member to serve.
Family member trustees are an excellent option if you don’t feel like you can manage the trust well enough. For example, many seniors who create a revocable living trust choose to name a spouse, child, or other close family member as the trustee.
Finding a professional trustee.
The trust administration process can be complicated, especially if your trust has a lot of complicated holdings. Properly managing significant assets is often best left to a professional trustee. Professionals will not only have the experience that proper trust administration requires, but they will also typically have more than one person who will be able to manage the trust at any time.
You can learn a lot more about living trusts in North Carolina by attending one of our next free living trust seminars. We will be in Greensboro, North Carolina on July 16 and 18th at the O. Henry Hotel. Space is limited, so contact our office for details.