Choosing a trustee or financial fiduciary to handle your estate upon death or incapacity is very personal decision and varies from family to family. Some families prefer to name their children as their successor trustees or financial fiduciaries. However, consider the “explosiveness” potential of requiring all your children to agree on every decision. On the face of it, the desired effect of “forcing them to agree” can also force them to fight. Appointing just one of two or three or whatever number of children may really impose more of a burden than necessary on such one child and places that child in a “family hot seat” leading again to family conflict that parents wish to avoid.
To avoid the potential for family fights and unnecessary burdens, consider naming an independent trustee or financial fiduciary. There are private, licensed and bonded fiduciaries, and there are excellent financial institutions, who serve in the role of successor trustee or financial fiduciary and who simply follow the terms of the trust without the potential drama that comes from family.
If you would like to discuss your estate plan and the options regarding who is the financial matters at the proper time, please make an appointment with the estate planning attorneys at Schneiders & Associates, LLP.