Who you select to serve as trustee of your trust account is likely one of the most important and difficult estate planning decisions that you will make. After you are gone, it will be this person’s responsibility to ensure that your chosen beneficiaries are cared for in the way that you dictated in your final wishes. An article in The Wall Street Journal discusses just what the job entails, and how to find the right trustee. Serving as a trustee usually involves a large commitment of time. Depending on how large your fortune is, you may have complex trusts that continue on for decades after you are gone. Moreover, a trustee must often have at least a basic knowledge or ability to understand money management and estate-tax law. Ultimately, however, the most important qualification is that you select someone who will faithfully carry out your final wishes without bias or other concerns getting in the way. Although many people name an individual — a friend or family member — to serve as trustee, others may feel more comfortable hiring a private, professional trustee. How do you know which is best for you? A private trustee is often the better choice when (1) the trust is large and/or complex, (2) there is no one in your family who could handle the job, (3) the relationships between your beneficiaries are strained or complicated. You are not limited to selecting an individual or private trustee, you may also set up a co-trusteeship between the two. To explore these and other options, and to discover what type of trustee is appropriate in your unique situation, contact us at 818.956.9200.