What does a Trustee do?
A Trustee is a fiduciary, meaning they have a legal duty to manage the trust’s assets solely for the benefit of your beneficiaries. While it is an honor, it involves significant administrative work.
Core Responsibilities:
Asset Management: Holding legal title to trust assets and following the specific instructions in your Trust Agreement.
Coordination: Working with your Executor to manage the estate and pay debts (e.g., funeral expenses, taxes).
Distribution: Ensuring assets are passed to beneficiaries according to your timeline.
You can consider naming the same person as both Trustee and Executor of your Will to ensure a seamless transition and reduce conflicting communication.
What should I look for in a Successor Trustee?
This role can last a few months or several decades. Ideally, your Trustee should be:
Responsible & Diligent: Willing to follow instructions even if they personally disagree with them.
Communicative: Able to interface with banks, the probate court, and beneficiaries.
Financially Savvy: Comfortable managing financial affairs and paperwork.
Green Flags (Look for these) | Red Flags (Consider twice) |
18+ years of age | History of being unresponsive |
High integrity/trustworthy | Existing conflict with beneficiaries |
Computer literate | Overwhelmed by paperwork |
Lives nearby or is willing to travel | Lives in a significantly different time zone |
Common Trustee Questions
Can I be the Trustee? Can my beneficiary?
Yes. In a revocable trust, you are typically the Initial Trustee, maintaining full control. You can also name a beneficiary as a Successor Trustee.
Note: If a beneficiary serves as Trustee, tax rules may restrict certain powers they can exercise. Your trust agreement accounts for this by allowing the appointment of an "Independent Trustee" for specific tax-sensitive decisions.
Should my Trustee live in the U.S.?
It is generally easier if they do. A U.S.-based Trustee will be more familiar with the legal system, domestic banks, and tax requirements. If you choose someone living abroad, ensure they have detailed access instructions (stored in your Wealth Vault) to help them navigate your U.S. assets.
What if no one I know is a good fit?
Consider a Professional Fiduciary, such as a licensed individual, a bank, or a trust company. While they charge fees (fixed, hourly, or percentage-based), they offer professional expertise, objective management, and a built-in succession plan.
Changing Your Mind
Your life will change—children grow up, and relationships evolve. Updating your Trustee succession is one of the most common reasons to amend a trust. We recommend reviewing your choices every few years to ensure they still align with your goals.
Need to update your Trustee? Navigate to the Document Center to edit your trust workflow and regenerate your documents.