Experts throughout California, on television talk shows and even in celebrity magazines will tout the importance of having an up-to-date will. A will is part of a complete and well-thought estate plan. For many, a trust is equally important.
Financial sources point out that for those with a trust, appointing the trustee is one of the key elements during estate planning. The appointed person carries the fiduciary responsibility, and should be someone who is not only up to the job, but someone who can put aside his or her personal feelings and properly honor your wishes.
There are four key considerations to keep in mind when choosing a trustee.
As you are setting up your trust and choosing a trustee, keep in mind that any estate plan may be incomplete if it does not have other items such as a health care directive, power of attorney provisions and long-term care planning.
Source: The Wall Street Journal, “A Matter of Trust,” Jeanine Skowronski, Sept. 10, 2012
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