One of the biggest decisions I ask an estate planning client to make is to choose who will be their trustee, their financial agent, and their executor (at death). The person they choose as trustee and financial agent will be able to handle their money when they are alive. This is a very big and important job. The person chosen must keep track of all the money spent and all the money that comes in. They must figure out how to pay for care without running out of money. A trustee is trusted with your money in death and in life.
It is an honor and responsibility to be named. If you are the “chosen one,” you may want to consult with an attorney. There are many traps, and the list keeps getting longer. As a California State Bar Certified Specialist in Estate Planning, Trust, and Probate Law, I just attended an event on trustee duties, and my takeaway: there are so many things to do, and so much that can go wrong if you aren’t careful. I have a list, so give me a call.
