Choosing a trustee to manage your trust and its assets is a crucial step in estate planning. The right trustee will administer the trust appropriately, be responsible when investing the assets, and distribute them to the beneficiaries. He or she will also make smart financial decisions on behalf of the beneficiaries, keep accurate records, and make sure any taxes are filed.
When making this important decision, the grantor — the person who creates the will — should consider appointing his or her adult child as the trustee where appropriate. In the article below we will discuss why adult children can be great choices for trustees and how to contact an Illinois estate planning attorney for help with creating and managing trusts.
Why Should I Consider Appointing My Adult Child as Trustee?
Every family is different. For some, appointing an adult child as a trustee may not be possible or prudent. For others, however, choosing an adult child to manage a trust can have several benefits: