WHAT TO KNOW ABOUT CHOOSING A TRUSTEE

Whoever you designate should act in the best interests of you and your beneficiaries.

- ELLA VINCENT

A trust allows you to create a clear plan to bequeath assets to your heirs. Setting up a trust can also help your beneficiaries avoid probate, the court-supervised process to divide an estate’s assets.

As the grantor, you establish the trust and transfer assets to it. Then you must choose a trustee—an individual or organization to take charge of the trust and handle its assets. With a revocable trust (also known as a living trust), the terms of which the grantor can modify at any time, you'll likely act as both the grantor and the trustee while you're capable of doing so. But even then, you'll need to name a successor trustee, who will manage the trust if you become incapacitated and ensure your beneficiaries receive assets according to your plans when you die.