When drawing up your estate plans, you might find it useful to create a revocable or irrevocable trust, either of which can help your estate avoid probate and give you control over how and when your assets are distributed.
But who should oversee your trust?
You could name yourself as trustee, but that may not be the best move if you want to protect trust assets from creditors and civil judgments.
If you decide to name someone else as trustee, you’ll want an individual you can trust to carry out your wishes and who has demonstrated some financial management skills in their own life.
And since your trustee could serve in that position for many years, you’ll want them to show good physical and mental health.
If you can’t decide on an individual, you might want to pick a corporate trustee, who could provide objectivity and who has the expertise and resources to navigate tax and inheritance laws.
An estate-planning attorney can help you develop your revocable or irrevocable trust, and possibly provide guidance on choosing a trustee.
The right choice can make a big difference to you and your loved ones.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson and Hawes Dickerson. Members SIPC.
