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ESTATE PLANNING WITH A LIVING TRUST (II)

Dr. Paul Otubusin

M.B.A., J.D., PhD
Principal Partner, Otubusin & Associates P.C.
www.otubusin.com
Professor Emeritus & Former Chair Philosophy,
Calumet College.

CHOOSING A TRUSTEE

As noted above, you can serve as your own trustee or you can appoint a professional trustee such as a bank or trust company. Most people appoint an individual such as their spouse, a relative, a friend, their lawyer or other advisor to serve as successor trustee. When deciding whom to select as trustees, you should consider whether they are worthy of your trust and are willing to accept the job.

A professional trustee may be the best choice if your property will be difficult to manage or distribute. The disadvantages of professional trustees are that they are impersonation and charge annual fees ranging up to two present of the trust assets. Furthermore, many professional trustees are unwilling to serve if the value of trust assets is less than $100,000.

The trust document will describe the duties of the trustee to manage the trust property, keep records, prepare tax returns, and make distributions t the beneficiaries. the trust document can also designate a successor trustee or provide instructions to select the successor.

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