How to Choose a Trustee

There are two main categories of who can serve as a trustee:

Individual Trustees

Individual Trustees can be people you know and trust, such as:

• Family Members: Spouses, adult children, or other close relatives are common choices. They may be familiar with your wishes and have a personal connection to the beneficiaries.
• Friends: A trustworthy friend can be a good option, especially if you don't have suitable family members available.
• Professional Advisors: Attorneys, accountants, or trust officers at a bank can provide professional expertise in managing the trust.

Corporate Trustees

Corporate Trustees are financial institutions like banks or trust companies with dedicated trust departments. They offer:

• Professional Management: Their experience and expertise can be valuable for complex trusts or those with significant assets.
• Objectivity: Corporate trustees can provide a neutral perspective, which can be helpful in situations with multiple beneficiaries or potential family conflicts.

Choosing a Trustee

Choosing the right trustee depends on your specific situation. Here are some factors to consider:

• Complexity of the Trust: A simple trust may be well-managed by an individual trustee, while a complex trust might benefit from a professional's expertise.
• Desired Level of Involvement: If you want someone close to the family involved, an individual trustee might be preferable. If you prioritize impartiality and expertise, a corporate trustee may be a better fit.
• Costs: Individual trustees typically don't charge fees, while corporate trustees do.

Successor Trustees

It's also common to name a successor trustee in case your primary trustee becomes unable or unwilling to serve.

The Decision

Ultimately, the most important thing is to choose someone you trust completely to manage the trust responsibly and according to your wishes. Discussing your expectations with potential trustees beforehand is always a good idea.

Learn More About Trustees

  Trustee / Fiduciary in Monterey
  Professional Trustee
  Who Needs a Trustee
  What Does a Trustee Do

To discuss your professional Trustee / Private Fiduciary needs, please call us for an appointment: 
831-375-3030