Many people set up trusts as part of their estate plan, in addition to wills and powers of attorney. However, when setting up a trust, you need to consider its administration as well as its purpose.
Choosing a Wisconsin trustee to oversee and administer your trust is a critical decision. After all, a trustee should manage your trust according to your instructions and wishes.
Keep reading to learn more about selecting a trustee for your Wisconsin trust.
Who Can Be the Trustee?
Under Wisconsin law, any legal competent person over the age of 18 can serve as trustee. In fact, you may even name yourself or yourself and your spouse, giving you full control of the trust’s property while you’re alive.
However, you may also choose a family member or trusted friend, depending on your situation.
You should also consider naming a successor trustee, in case the individual trustee you chose dies or otherwise becomes incapacitated.
What Are a Wisconsin Trustee’s Responsibilities?
Before we examine the characteristics of a good trustee, let’s look at a Wisconsin trustee’s responsibilities.
According to Wisconsin law, “[a] trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.”
Here are some specific responsibilities that fall in line with Wisconsin law:
- Manage the trust’s assets
- Handle day-to-day financial matters
- Administer and distribute the trust’s assets
A trustee has the legal responsibility to administer the trust according to your instructions and wishes (as specified in the trust documents). In fact, this legal responsibility rises to the level of fiduciary care, meaning that all actions involving the trust must be taken for your best interests.
Characteristics to Consider When Choosing a Trustee
Now, let’s look at some characteristics you should consider when selecting an individual (as opposed to a corporation) to be your trustee.
- Fair
- Reliable
- Willingness
- Trustworthy
- Attention to detail
- Ability to be organized
- Financial competency
- Ability to follow directions
- Ability to make challenging decisions
- Ability to engage experts when needed
Trusts and other estate planning tools can often seem daunting, but with an experienced Wisconsin estate planning attorney on your side, you can amply plan for your and your family’s future.
Setting Up a Trust in Southeastern WI
If you need a trust in Southeastern Wisconsin and the Milwaukee area, then you can count on the estate planning experts at Collins Law. We have years of experience planning estates, and we can help you navigate your options, including setting up a trust. Contact us for a free consultation today!