Who Should You Choose as Trustee or Personal Representative?
Written by Christopher J. Berry, Esq. on August 14, 2008 – 5:23 pm -
Regardless if you choose a trust based estate plan or a will based plan, you need to choose someone to operate as a trustee or personal representative of your estate and assets. This person plays a critical role in the administration of your estate, such as making certain tax elections and keeping records of the accounts.
Choosing a personal representative or trustee in Michigan is a tough decision. The person or institution you choose must have demonstrated integrity, diligence, capacity and ability to act as well as the ability to remain loyal even where there may be conflicts of interest.
A trustee or personal representative wields a great amount of power. One solution and safeguard to their abuse of power is to build in what is called a “trust protector,” or someone who has the ability to remove a trustee or personal representative and appoint someone else.
Posted in Estate Planning, Living Trusts, Wills |
