The trustee should be skilled in investment management or have access to those who are so skilled. A trustee may be required to act for long periods of time. A trustee must keep abreast of all aspects of the job, including the financial markets, and changes in tax laws - which continue to become more complex. A trustee acting after your death or disability must be able to deal fairly and impartially with your beneficiaries. The innumerable steps a trustee initiates and continues during the management of a typical trust arrangement makes the job a challenging one.
Trust management is a varied and demanding job making the selection of a trustee crucial.
A family member can serve as a trustee after your death or disability. The trustee must be a person who can be trusted. You should meet with an attorney to discuss your estate plan and the advantages of a Living Trust. The attorney who will prepare the Living Trust document that will give force to your estate plan is essential to the planning process. Your life insurance agent, financial planner, trust officer and accountant can also be helpful.