Generally, your options for naming a Trustee include the following:
Beneficiary / Family Member
Advantages: Knowledge of your unique asset situation and planning objectives; Cost savings
Disadvantages: Lack of Experience; Potential pressures related to good faith and impartiality duties
Non-Professional Individual(s)
Advantages: Knowledge of your unique asset situation and planning objectives; Cost savings
Disadvantages: Lack of Experience; Lack of incentive to administer the estate in a timely manner
Independent Professional Trustee
Advantage: Professional expertise in trust administration
Disadvantages: Lack of prior knowledge of your unique asset situation and planning objectives; Higher Fees
Attorney at Veritage Law Group
Advantages: Professional expertise in administration, including reduced need for obtaining legal advice. If legal assistance is required, assurance of finding good legal help; Knowledge of your unique asset situation and planning objectives
Disadvantage: Potential conflict of interest related to attorney’s fees