If you’re trying to protect your estate and set your loved ones up for their futures, establishing a trust may be a good option. But once you decide to create a trust, you’ll need to find an experienced and trusted individual to administer and oversee your trust. Working with a Dallas trust administration lawyer can take the stress out of creating and managing your trust, but choosing someone you can rely on may not be as simple as you think. Here are a few tips to help you choose a trustee to administer your trust.
Consider Their Experience
Trusts can be complicated and managing different types of assets and ensuring that the trust is properly administered when you pass away takes experience and a deep understanding of proper estate management. As you start to consider your options, look at each potential trustee’s experience. Ideally, you’ll choose a professional who has years of experience overseeing and administering trusts like yours.
Think About Where They’re Based
Though you’re free to choose a trustee who’s based anywhere, you may find it better to work with a local professional. Remember, the assets in your trust may be subject to taxes, and distributing the trust must be done in accordance with local laws. Dallas trust administration lawyers understand how to safely and professionally manage trusts based in Texas and can explain the tax implications clearly. This will help you make informed decisions so you can better protect your loved ones’ futures.
Make Sure They’re Impartial
Some people choose family members or close friends to act as trustees. While this can work, there’s no guarantee that they’ll be able to make fair decisions when the time comes to administer your estate. This is because close friends and family members may not be impartial and could show favoritism. Before you choose a trustee, make sure they’re capable of being truly impartial. If they show any inclination that they may favor one beneficiary over the others, keep looking.
A Dallas trust administration lawyer should always be impartial and will act in the best interest of the beneficiaries from the very beginning.
Look for an Experienced Fiduciary
The best and most reliable trustees act as fiduciaries meaning they’re required by law and professional ethics to treat all beneficiaries equally. They’re expected to manage the assets as they would their own, putting the benefit of the trust over any potential personal profits. Consider how much experience your intended trustee has as a fiduciary. If they’ve worked as one before and fully understand your expectations, you’ll likely be in good hands.
Let the Team at Norris & Weber Help
Finding someone you can rely on to guide you through the establishment, management, and implementation of a trust can be difficult. At Norris & Weber, our dedicated trust administration lawyers are here to help. We understand the unique requirements and challenges that Dallas residents face when creating a comprehensive estate plan and we’re on hand to help every step of the way. Contact us today to schedule a free consultation.