The law in New Jersey gives your trustee a lot of authority.  Your living trust is much more than just a trust document that says which heirs get what percentage of your estate or which specific items that you leave behind should you die. A living trust details how and when heirs are to receive their inheritance, who is to take over any businesses in question, and many crucial issues of your estate. A trust can be a very specific statement of how your estate is to be handled when you die. Therefore, the choice of a trustee for your living trust is a very important decision in your NJ estate planning process.

 

Choosing a Friend as a Trustee.  The Right Choice?

 

When choosing a person to be the trustee of your trust, you need to answer this question:

 

·         Who can step into my place and confidently act as I would in carrying out my wishes? In other words, who do I trust the most to make the decisions I would have made if I were alive to make them?

 

It is vitally important to choose someone that you have full faith and confidence in. You should feel at ease that he or she will carry out your instructions as they are written in your trust and estate planning documents. Some typical choices include a:

 

·         Close family friend

·         Close family member

·         Adult Child

·         Professional trustee

 

While you may feel completely secure in trusting this huge responsibility for carrying out your wishes to a close friend, there are several situations when that is not wise or possible. In that case, your wishes can be addressed by using an outside trustee.

 

NJ Living Trusts: Choosing an Outside Trustee

 

If you do not have a close friend or relative that you feel comfortable leaving this job to, or if by selecting one of the heirs will cause conflict, then there are other options. You can hire an outside trustee like:

 

·         Your bank’s trust department

·         A trust company

·         Your lawyer

·         A financial advisor

·         A professional trustee

 

These professionals are well versed in what it requires to be a trustee and can often work more expediently and effectively, which saves the heirs money and time. While there are many benefits to not having a family member involved as the trustee of your living trust; there are also some drawbacks to using a bank or trust company as your trustee.

 

Banks and professional trustees charge fees for their services. They generally (but not always, so check around) serve as trustee with a minimal estate value of around $700,000

 

No matter whom you choose, you want to be sure that you have full confidence in them to do exactly as you want, no matter what other people say. There may be heirs who are unhappy with the terms and conditions of the living trust and will try to sway your representative to do as they want. Knowing that you have a strong, trustworthy individual protecting your wishes will provide peace of mind.

 

If you have any questions or would like to meet to discuss selecting a trustee for your NJ trust, contact Fredrick P. Niemann, Esq. at 888-800-7442, or fniemann@hnlawfirm.com.  He is happy to answer your inquiries when you meet.  You’ll find him easy to talk to and eager to find solutions for your particular concern(s) or legal matter.

 

 

 

 

Trust attorney serving these New Jersey Counties:

 

Monmouth County, Ocean County, Essex County, Cape May County, Mercer
County, Middlesex County, Bergen County, Morris County, Burlington County, Union County, Somerset County, Hudson County, Passaic County