It is not unusual that a family member is named as trustee for an estate that benefits a number of other family members. However, just because you are related to someone does not necessarily make him or her a good trustee for your estate. For example, in one recent case, an Indiana grandmother gambled away most of the trust funds she was responsible for distributing to her grandson for his education.
If you do not have an ideal candidate to serve as trustee for your estate, you may want to consider:
· Choosing two co-trustees to ensure accountability
· Choosing a professional trustee, which is a bank or other financial institution
· Appointing a trust protector to oversee the trustee decisions
If a trustee is found to be untrustworthy, family members can petition the court to have the trustee removed, depending on the language in the trust. Before establishing a trust, consult with an Irvine estate planning attorney, who can provide guidance on structuring your trust to help prevent damage to assets from an untrustworthy trustee.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.