Many people in California choose to create a living trust as one of the primary tools in their estate plans. While these trusts offer excellent benefits, you must be certain that you choose the right trustee for your needs. There are several different types of trustees available to you, and you should evaluate each option before you make your final choice.
You can act as your own trustee when you create a revocable living trust. In order to be a trustee you must be mentally sound, which is likely the case since you are already making a trust anyway. Choosing yourself to be the trustee of your own trust is also a very popular option, and one that most people choose.
Alternately, if you are married, you can choose to act as co-trustee with your spouse.
Your Spouse or Another Family Member
Some people who make a living trust don’t want the responsibility of managing all that property. In this situation it is common for many people to appoint their spouse or another close family member as the trustee. This has some significant benefits, as well as drawbacks. Your trustee has to be someone you trust implicitly, so it’s best to choose a family member who can reliably manage the trust property.
Banks, trust companies, and other professionals, commonly called professional or private fiduciaries, are an excellent choice for trustee, especially if your trust is large and complicated. Professional trustees charge fees, but this fee can often be a wise investment if it ensures the proper management of your trust.