New Jersey trust lawyer Christine Matus (https://matuslaw.com/choose-trustee-6-essential-attributes/) releases a new article explaining the essential attributes of a trustee. The lawyer mentions that it is very important for an individual to choose the right trustee because they have the power to handle the person’s trust in the future. The trustee will have to deal with the beneficiaries and loved ones, so they have to be as trustworthy as possible.
“There will be many competing interests in your trust. Your trustee should be able to balance these interests in a way that will benefit the beneficiaries and ensure the longevity of your trust if that is your ultimate goal. Of course, this role requires a great deal of integrity because recipients may be unable or unwilling to perform an additional check on whether the trustee is fulfilling his or her obligations. Using someone you can trust is absolutely vital,” the New Jersey trust lawyer says.
The lawyer explains that another important attribute of a trustee is their ability to take on responsibility. Because trusts can last for many years, being a trustee can also be a long-term commitment. This role can take significant time and effort, especially if the trust is complicated. Speaking with the potential trustee is very important to ensure that they are ready to take on this responsibility.
Attorney Christine Matus adds that a trustee should also be business savvy. Trusts can require additional financial or investment expertise to carry out their purpose. This is why it is important for a trustee to have enough knowledge of the concepts involved in this process in order to provide professional help to the beneficiaries. Especially if the trust involves a business, it is crucial to keep in mind that a trustee must have adequate knowledge about how businesses work.
In the article, attorney Matus says, “The trust document will lay out all of your specific wishes and desires for your trust. It will require a close read and careful eye to ensure that all of your instructions are carried out to a tee. Therefore, being detail oriented and willing to follow instructions is essential for the person in the trustee role.”
Lastly, attorney Matus closes the article by explaining that one might still need a will even if they have a living trust. A will is needed especially if there are minor children or if they still have other properties they didn’t put in the trust.
About The Matus Law Group
The Matus Law Group has a team of estate attorneys who are committed to helping families and individuals in real estate transactions in New Jersey and New York. Through a team approach, they work hard to help their clients with their estate planning needs. Call The Matus Law Group today at (732) 785-4453.
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For more information about Matus Law Group - Monmouth County, contact the company here:
Matus Law Group - Monmouth County
Christine Matus
(732) 785-4453
matuslawnj@gmail.com
Matus Law Group - Monmouth County
125 Half Mile Rd Red Bank, NJ 07701
