In preparing your estate you may be confused as to who is qualified to act as a trustee for the estate. Any trustee acting on behalf of an estate as a series of legal obligations that they need to uphold. You can appoint anyone as the trustee of your estate such as your closest relative, your lawyer, your accountant or pretty much any adult that’s close to you.
A basic requirement for a trustee in the United States is that they must be over the age of 18 and of full legal capacity. A person that’s mentally incapacitated will not be able to act as a trustee nor could a person under the age of 18 at the signing of your estate plan.
Even if you would feel most comfortable with your child as your trustee or your spouse as your trustee, they may not be best suited for the position. In order to have a good trustee for your estate it’s important that a person is able to handle real estate transactions, manage finances and deal with the assets that you have accumulated. Summary with the knowledge of taxes, finances and management can be a huge asset.
There are many legal professionals and accountants that will take on the process of acting as a professional trustee for estates. It could be beneficial to use an outside level of assistance especially if you have a considerable number of assets or a complicated estate. Working with a professional could help to resolve your trust faster, make sure that your estate can be managed successfully and ensure that your family and loved ones will be able to get access to your chosen assets.
If you would like to learn more about estate trustees or working with a professional estate trustee, contact our staff today.
This article was written by Alla Tenina. Alla is one of the best estate planning attorneys in Los Angeles California, and the founder of Tenina law. She has experience in bankruptcies, real estate planning, and complex tax matters. The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; the ABA and its members do not recommend or endorse the contents of the third-party sites.