Choosing a trustee or successor trustee is an important decision that can affect you and the beneficiaries of your trust. Things to consider before naming a friend or family member are:
- Will all my assets be shared equally and given outright at my passing or am I favoring certain individuals?
- Will some or all of my assets be kept in an ongoing trust for certain beneficiaries where another beneficiary will have control? Will the individual trustee be subject to undue influence of certain beneficiaries over others? Is the trustee also a beneficiary?
- Do all my beneficiaries get along with each other?
- Does my individual trustee understand the details of the trust, any ongoing responsibilities and the length of time they will be trustee?
- Are any of the beneficiaries disabled?
Answering these questions with the help of your estate planning attorney, will help you carefully evaluate if an individual or a corporate trustee should be your trustee. If you choose an individual as trustee, it is wise to name a corporate trustee (such as Marquette) as a backup trustee. This allows for an orderly transition if the individual(s) named predeceases you or chooses not to act. Corporate Trustees don’t die or take vacations and are always available.
Unlike many of our competitors, our trust services are based here in Metropolitan Chicago with a strong commitment to personal service in the neighborhoods we serve. Each client relationship has a team of local professionals who take ownership of their clients and are available via telephone or face to face meetings.
*Some Trust, Investment or Retirement financial solutions, products or services are not insured by the FDIC or any Federal Government Agency. These are not deposits or other obligations of the institution; these may go down in value and are not guaranteed by the institution. These services may be subject to investment risks, including the possible loss of the principal invested. Always consult your tax, legal and/or professional advisor(s) for guidance on your particular financial situation.