One of the primary benefits of having a Trust is that you get to select someone to manage your affairs if you become incapacitated. However, it’s important that you choose someone who is best suited to do so in accordance with your instructions. Otherwise, you could be at risk of losing your Indiana home or seeing beneficiaries battling each other in court.
A trustee should be comfortable with his or her role
Ideally, the person who is chosen to manage your trust is capable of making tough decisions. There is a chance that the trustee will need to reject a request from a beneficiary or mediate a conflict between two beneficiaries. It’s also possible that the language contained within the document itself is unintentionally vague. Therefore, your trustee will need to be comfortable making decisions that might not be based on anything more than a gut feeling. Ultimately, the person who you choose to oversee your affairs will need to have good interpersonal skills and an ability to work under pressure.
A professional can serve as a trustee
When establishing a trust, you may come to the realization that none of your family members are capable of overseeing it. In such a scenario, it may be best to have an attorney or professional estate manager serve in this role. Generally speaking, these parties have a fiduciary duty to their clients, which means that they are legally bound to act in your best interest.
Creating a trust may give you more control over assets or make it easier to reduce an estate tax bill. However, it’s important to take time to consider who is best suited to manage this document to ensure that your goals can be met.