How to Select the Right Trustee for Your Estate Plan According to Puai Wichman

Estate Planning may seem like a task reserved for the ultra-wealthy, but the truth is, it's something everyone should consider. Wealth management and protection expert Puai Wichman stresses that having a solid plan in place ensures that your assets are distributed correctly and in the manner in which you intended. By not having a plan in place, you could be leaving your entire legacy up to the courts. The process of estate planning can be overwhelming, but it's important to remember that there's no one-size-fits-all solution. Whether you have a modest estate or a sizable one, there are options available to ensure your final wishes are fulfilled.

Who is a Trustee?

A Trustee is a crucial role for anyone who wants to establish a Trust. This person is responsible for managing and administering the finances of the Trust according to the instructions given. The Trustee has a vital duty to fulfill, which includes recording expenses and income, distributing funds to beneficiaries, filing taxes on any income the Trust makes, and keeping a record of other transactions that occur.

Typically, it is the person who created the Trust that becomes the Trustee. When the Trustee can no longer fulfill this role, a Successor Trustee is appointed to take over. One must find a trustworthy and reliable person to act as a Trustee. The Trustee must act selflessly and in the best interest of the Trust. It is a position that comes with a lot of responsibility, but it is essential for anyone who wants to establish a Trust.

How do you choose the right Trustee?

Choosing the right Trustee can be a daunting experience, but it's an important task when it comes to setting up your estate.

Puai Wichman says one common route is to choose a friend or family member as your Trustee, but this option comes with potential family drama and even resentment. However, if you have a close friend or family member whom you trust, the peace of mind this option offers can be worth it. Someone close to you will have the obvious benefit of knowing and understanding your family dynamics.

Another option is to appoint a lawyer or attorney as your Trustee, which is a good choice if you don't have a close family member or friend to assume the role. Or, if you can't decide and are worried about hurt feelings or disagreements amongst your loved ones, appointing a non-partial third party can be a wise move.

You can hire a Trust company, which can ease the burden and ensure that your wishes are carried out according to your preferences. One key advantage of hiring a Trust company is its capacity to handle disputes among beneficiaries. Puai Wichman explains they are impartial and can make tough decisions that may be difficult for a family member to make.

Trust companies must safeguard your estate and protect your legacy, which provides peace of mind, knowing that your wishes will be carried out accordingly. However, it's crucial to carefully consider Trust before making a decision, as removing a Trust company can be challenging. Ultimately, their expertise and thorough approach speak volumes and can be well worth the investment for all parties involved.