There are several choices when considering who should be the Trustee of the Gifting Trust.
There are two classes of Trustees, Independent Trusteesand Interested Trustees. There is a much greater ability to fend off an attack by an outside creditor if we have an Independent Trustee in place. Placement of an Independent Trustee can happen later, however if an Interested Trustee resigns and then the second nominated Trustee is an Independent Trustee and takes over.
Or, we could give the Interested Trustee the ability to appoint an Independent Trustee if he or she resigns or we can give the beneficiaries or a Trust Protector the right to select an Independent Trustee. It’s important to note however that the Trust Protector should be an independent person or entity (not related or subordinate to the Grantor or the beneficiary).
Some attorney’s or other professionals may charge a fee to act as your Independent Trustee. Be sure to ask the person you are considering about the possibility of a fee before deciding they are the person who should be the Trustee of the Gifting Trust.
Call my office today (760) 448-2220 or fill out our online contact form to schedule a consultation with me, Brenda Geiger. I’d be happy to share other articles or chapters from my books to help you better understand trust and estate planning.