When you set up a trust, one of the most important choices you will make is selecting a trustee. This person or institution has a fiduciary obligation to your beneficiaries, will be in charge of managing the trust’s assets, and carrying out your instructions. That means your trustee has a serious responsibility, both legally and financially.
Choosing the right trustee helps protect your beneficiaries, preserve your assets, and avoid unnecessary conflict. But what exactly should you look for in a trustee? In Oklahoma, there is no specific license or certification required, but that does not mean anyone is the right fit.
Integrity
It may sound obvious, but trustworthiness is the most important qualification because your trustee will have full access to the assets in the trust. They must follow your instructions and, because of their fiduciary duty, always act in the best interest of your beneficiaries.
You need someone who will stay honest, even when no one is watching. If your trustee is also a beneficiary, they must be able to put others’ needs ahead of their own when necessary. Not everyone can do that.
Think carefully before choosing someone based only on family ties. Just because a person is close to you does not mean they are suited to this role.
A Trustee Must Be Organized and Detail-Oriented
When you appoint someone to serve as your successor trustee, you are giving them a JOB. And, managing a trust is not a one-time job. It often involves tracking investments, paying bills, filing taxes, keeping accurate records, and communicating with other beneficiaries. Your trustee should be someone who handles tasks on time, follows through, and stays organized.
They may need to work with professionals such as accountants, attorneys, or financial advisors. If the trust will last for many years, as with a special needs trust or a trust for minor children, you want someone who can manage responsibilities over time.
In many cases, the trustee must also provide regular reports to beneficiaries or to the court. That requires clear, accurate documentation, so you need to evaluate these skills.
Willingness to Seek Counsel
Your trustee does not have to be an expert in tax law or investment strategy. However, they do need to understand their responsibilities and be willing to ask for help when needed. This includes hiring professionals when the trust’s needs go beyond their knowledge.
I have mentioned this before, but it is worth repeating. In Oklahoma, trustees are held to a legal standard called a fiduciary duty. That means they must act with care, honesty, and loyalty. If they mismanage assets or favor one beneficiary over another, they can be held legally responsible.
Because the role can be complex, many people choose a trustee who is responsible and humble enough to seek advice when the situation calls for it.
A Trustee Must Be Available and Willing
Even the most qualified person is not the right choice if they are too busy or live too far away. A trustee should be someone who can give the trust the attention it needs.
If your trustee lives in another state, they may face challenges accessing local property or attending court hearings in Oklahoma. In some cases, an out-of-state trustee may need to appoint a local agent or deal with added legal steps.
Always talk with the person you want to name as trustee before finalizing your documents. Make sure they are willing to take on the role and understand what it involves.
When to Consider a Professional Trustee
My thinking about this has evolved over the years. When I see trustees mismanage this critical process, it makes me realize that for many families, the best choice for a trustee is a professional or corporate trustee. Banks, trust companies, and some attorneys – inlcuding our firm – offer trustee services. This can be a good option if:
- Your trust involves complex financial matters
- You expect conflict among beneficiaries
- You want to avoid burdening family members
- You need long-term management for a special needs trust or a large estate
A professional trustee charges fees, but those fees may be worth it for the peace of mind and experience they bring. If you need a professional trustee, it is worth every penny.
The Right Trustee Brings Your Plan to Life
Your trust is only as effective as the person who manages it. A good trustee follows your instructions, protects your legacy, and makes life easier for your beneficiaries.
Whether you choose a relative, friend, or professional, you need someone who takes the role seriously and has the skills to follow through.
Schedule a Consultation Today!
As you can see, there are different angles to address when you plan your estate. When you work with our firm, we will make sure that you walk away with a comprehensive plan that covers all your bases.
You can call us at 405-843-6100 to schedule a consultation at our Oklahoma City estate planning office, and our Tulsa location can be reached at 918-615-2700. If you would rather send us a message, fill out our contact form, and we will get back in touch as soon as possible.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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