• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • Communities We Serve
      • Cook County
        • Barrington
        • Glenview
        • Northbrook
        • Skokie
      • Lake County
        • Gurnee
        • Lincolnshire
        • Riverwoods
        • Vernon Hills
        • Waukegan
  • Services
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Resources
    • Client Resources
      • Free Seminars
      • Estate and Gift Tax Figures
      • Free Estate Planning Worksheet
      • Is Your Estate Plan Outdated?
      • Probate Resources
        • Glenview Probate
        • Lake Forest Probate
        • Lincolnshire Probate
        • Northbrook Probate
        • Vernon Hills Probate
        • Waukegan Probate
    • Frequently Asked Questions
      • Asset Protection
      • Business Succession Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Financial Planning Assistance
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Probate
      • Trust Administration & Probate
      • Trusts
    • Legacy Wealth Planning
    • Published Books
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
  • BLOG
  • Contact Us
  • Review Us

Hedeker Law

Illinois Estate Planning Attorneys

Connect with us today(847) 913-5415

Attend a Free Seminar
Home / General / Lincolnshire Trust Administration Lawyers Offer Tips for Choosing a Trustee

Lincolnshire Trust Administration Lawyers Offer Tips for Choosing a Trustee

June 6, 2017General

Lincolnshire Trust Administration LawyersYour Last Will and Testament will likely serve as the cornerstone of your estate plan; however, if you create a more comprehensive plan, you will undoubtedly include additional estate planning tools and strategies. One of the most common of those estate planning tools is a trust agreement. Trusts have become increasingly popular in recent years due, in large part, to the flexible nature of the trust and the numerous estate planning goals that can be achieved using a trust. If you are contemplating the addition of a trust to your estate plan, be sure to avoid making a common mistake – appointing the wrong person as your Trustee. People frequently appoint a spouse, family member, or friend as their Trustee without taking the time to consider if the individual is best suited to be a Trustee. To help you avoid making this common mistake, the Lincolnshire trust administration lawyers at Hedeker Law, Ltd. offer tips for choosing a Trustee.

Trust Basics

At its most basic, a trust is a relationship whereby property is held by one party for the benefit of another. A trust is created by a Settlor, who transfers property to a Trustee. The Trustee holds that property for the trust’s beneficiaries. A testamentary trust is one that activates upon the death of the Settlor via a provision in the Settlor’s Last Will and Testament in most cases. A living trust activates as soon as all formalities of creation are in place.

What Does a Trustee Do?

Creating the right terms in your trust is certainly imperative; however, appointing the right Trustee is equally important because your Trustee administers those trust terms. Along with administering the trust, your Trustee will be responsible for managing and investing your trust assets. Depending on the terms you create, your Trustee may also be responsible for making discretionary decisions regarding the investment of trust assets and/or the distribution of those assets. The individual you choose as your Trustee will play a huge role in the success, or failure, of your trust.

Tips for Choosing the Right Trustee

Instead of simply choosing someone you “trust” to be your Trustee, take the time to consider the following tips before making your decision. Choose someone as your Trustee who:

  • Has legal and/or financial experience. Many of the tasks of a Trustee involve understanding complex legal and/or financial concepts.
  • Is available. This may seem obvious, but people often fail to discuss the appointment with their intended Trustee. When it comes time to administer the trust, the individual does not have the time, has moved away, or has personal/medical issues that prevent him/her from fulfilling the duties of a Trustee.
  • Does not have a conflict. Appointing a family member can create conflicts if the beneficiaries of the trust are also family members, particularly if the Trustee has discretionary powers under the terms of the trust.
  • Lives close to trust assets. If you include real property among the trust assets, it is best to appoint a Trustee who lives close enough to keep an eye on the property instead of relying on someone else to do so.
  • Is experienced in conflict resolution. Conflict among the beneficiaries of a trust is common. Appointing a Trustee who is skilled at conflict resolution will often result in avoiding costly litigation.
  • Is a professional. Sometimes, appointing a professional Trustee is your best choice. Appointing a professional ensures that the trust will be administered properly and it avoids even the possibility of a conflict of interest.

By taking these tips into account when you appoint your Trustee you will avoid the mistake so many people make of appointing the wrong person for the job.

Contact Lincolnshire Trust Administration Lawyers

For more information, please download out FREE estate planning worksheet. If you have additional questions or concerns regarding trust administration, contact the experienced Lincolnshire trust administration lawyers at Hedeker Law, Ltd. by calling (847) 913-5415 to schedule an appointment.

  • Author
  • Recent Posts
Dean R. Hedeker
Dean R. Hedeker
Dean Hedeker is a leading Chicago-area authority on estate and tax planning, business law and investments. A long-time resident of north suburban Lincolnshire, Dean has more than 35-years experience helping business owners and families grow, protect and pass on their hard-earned money through tax planning, estate planning and investment management services.
Dean R. Hedeker
Latest posts by Dean R. Hedeker (see all)
  • How Can I Terminate a Living Trust? - September 24, 2019
  • Is an AB Trust Right for My Estate Plan? - September 12, 2019
  • How Can I Include Philanthropy in My Estate Plan? - September 4, 2019

Other Articles You May Find Useful

Lincolnville inheritance planning attorney
Lincolnshire Inheritance Planning — Keeping the State Out of Your Estate
Asset protection trusts
Asset Protection Trusts — Can They Protect My Assets If My Spouse Remarries after I Die?
Vernon Hills estate planning lawyers
Vernon Hills Estate Planning Lawyers Explain 10 Steps to Creating an Estate Plan
trust administration
Trust Administration Questions to Ask Yourself When Appointing a Trustee
Lincolnville asset protection trusts
Lincolnshire Asset Protection Trusts – Are Your Assets Safe?
estate planning attorneys
Estate Planning Attorneys Explain the 5 Most Important Estate Planning Components

Primary Sidebar

FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • twitter
  • link
  • youtube

Testimonials

Client Review
September 8, 2020
    

Dean's knowledge is very comprehensive and current. He not only sees and understands the particular question but he puts it in the context my particular matter and to the overall business and tax environment. Dean has been my attorney for many (over 20) years. I am also an attorney but I would never make a tax, business or financial decision without his extraordinary advice and counsel.

default image
Raymond

Where We Are

LINCOLNSHIRE
1 Overlook Point, Suite 610,
Lincolnshire, IL 60069
Phone: (847) 913-5415

See Larger Map Get Directions

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM

Map

hedeker_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Privacy Policy
  • Disclaimer
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • twitter
  • link
  • youtube
footer-logo

Hedeker Law Ltd.
All Right Reseved.

Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.