Your trustee is the person or institution that steps into your shoes to manage trust assets, collecting income, paying bills and taxes, investing prudently, keeping records, and carrying out your instructions. You can serve as your own trustee, and many married couples act together as co‑trustees so the other can manage finances seamlessly if one becomes incapacitated or dies.
You are not required to serve, though. You can name an adult child, trusted friend, or other relative. Some families prefer a professional or corporate trustee (a bank or trust company), especially when no relative is nearby, the assets or family dynamics are complex, or you want experienced investment and administrative help. You can also add a corporate trustee as co‑trustee now to avoid any “ramp‑up” when a successor takes over later. Naming someone else does not mean losing control as your trustee must follow your trust’s instructions and report to you, and you can replace a trustee if you change your mind.
If you are choosing among children, think about skills, availability, and temperament. One option is to name them as successors in order, only the first listed serves, with the next stepping in if needed. If you want multiple children to serve together, consider designating one as the decision‑maker or add a corporate co‑trustee to break ties and keep the process objective. Serving as trustee takes time, business sense, and carries legal duties, so pick for capability, not birth order, and use a professional if that will preserve family harmony.
If you would like to learn more, or set up a complimentary estate planning consultation with one of our Madison, Wisconsin estate planning attorneys, please contact us and we can schedule a time to meet.