Selecting Your Trustee - Checklist of Trustee Attributes

Selecting Your Trustee - Checklist of Trustee Attributes

Article posted in Governance on 22 October 2014| comments
audience: National Publication, Daniel P Felix - The Professional Trustee | last updated: 22 October 2014

Who will serve as the trustee, whether now or after you are unable to yourself?

A prudent approach to whom you choose may well consider who has the attributes best suited to meet your needs. Here is a broad checklist, adaptable to your specific situation:

□   Ability to navigate and mitigate inter-family issues;
□   Endorsement by your present adviser;
□   Available & responsive;
□   Trustworthy with Integrity;
□   Prudent & wise;
□   Teacher, mentor, educator;
□   Facilitator;
□   Affordable –both penny and pound wise;
□   Compatibility of values and mission;
□   Expertise in needed specific hard and soft skills;
□   Ability to facilitate and work with your other trusted advisers;
□   Ability to manage your real estate;
□   Ability to manage your closely held business;
□   Responsiveness and flexibility, including to bureaucratic constraints;
□   Depth of assistance in preparing for the transition of trustee from you to them;
□   Independence from the pull of various family members;
□   Independence from business conflicts;
□   Attention desired: flexible human versus institutional;
□   Continuity: both personnel and institutionally;
□   Insured and bonded.

In the end, trustees are not one-size fits all. Choosing which is appropriate for you deserves care and consideration. After all, the selection of who will be administering your personal concerns after you’re gone should give you peace of mind.

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