Focus on Selecting a Trustee?
A good Trustee is critical to a successful plan. The Trustee of an SNT has extremely broad discretionary powers and authority. Trustees can be the parents or grantors themselves, siblings, trusted family members and good friends of the family. Banks or other financial institutions can also provide a professional to act as trustee.
It is suggested that if possible the best choice would be a sibling or family member together with a corporate trustee to serve as co-trustees. The corporate trustee would have the primary oversight of the management, investing and accounting of the trust assets. The sibling or family member would provide the needed intimacy with the beneficiary's needs and circumstances.
Some things to consider in selecting the trustee:
If you have found this information useful, won't you please consider supporting NAMI? Your contribution will help us to continue helping millions of people living with mental illness.
Please make a tax-deductible donation to NAMI now.
The above information is provided to educate in a general way and is not intended to provide specific legal or professional advice.