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Things to keep in mind when choosing a trustee

Ohio residents who are creating an estate plan might want to use a trust as part of it. Creating a living or revocable trust involves choosing a trustee. If the person setting up the trust is married,both spouses serve as co-trustees. When both have passed away, there is a named successor trustee who takes over the trust. The successor trustee may be a relative, a friend, a professional or an entity such as a bank.

Many people may want to choose their children as trustees. However, there may be some disadvantages associated with this. Administering a trust is time-consuming and complicated. Asking a child to take this on while also struggling with grief can be an enormous burden. Problems may also arise when multiple children are named as trustees if there is conflict between them. Naming a friend can create a burden as well, and there should be money set aside in a trust to compensate that friend. A trust with a significant amount of non-cash property may require a great deal of time to manage.

A professional fiduciary could be a better choice because this person is not motivated by emotion and has the background needed to manage the trust. Fiduciaries must act in the beneficiaries' best interests. A bank will act similarly to a fiduciary although fees may be higher.

There are many reasons that a person may want to use a trust in an estate plan, and while some of those reasons are specific to people with a high income, this is not always the case. A trust is one way to avoid probate which can be time-consuming and lacking in privacy.

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