Choosing the Right Trustee for Your Legacy

Perhaps the most important decision when creating a trust is who will administer it after you’re gone. Your trustee will need to tend to your family’s interests, safeguard their privacy and distribute your assets as you intended. When deciding who should take on this responsibility, be sure to consider the following:

The Key Responsibilities of a Trustee

• Financial Management: Overseeing investment decisions that weigh short- and long-term goals
• Legal Duties: Adhering to trust provisions, staying updated on trust law and protecting assets
• Tax Obligations: Filing taxes for the trust and minimizing tax liabilities
• Administrative Responsibilities: Maintaining records and documenting decisions and distributions

Choosing the Right Trustee

When selecting a trustee, look for those who display the following qualities:

• Availability and Commitment: Record-keeping and communication can require time and effort.
• Financial Acumen: An understanding of investments, taxes and trust law is essential.
• Sound Judgment: A trustee needs to protect confidential information and make prudent decisions.
• Longevity: A trustee may need to represent your interests for many years.
• Transparency: A trustee should be well-organized and a proactive communicator.
• Experience: Prior experience in managing trusts can be invaluable.

When To Consider a Corporate Trustee

Maybe you don’t want to burden an existing relationship with these responsibilities. A corporate trustee like Baird Trust can provide the objective decision-making, uninterrupted service and professional expertise to prioritize your family’s interests. Your Baird Financial Advisor team can provide guidance in making this important decision.