When you place your assets into a trust in Wisconsin, you’ll need someone who can manage them on behalf of the beneficiary. This is an especially important decision because you’ll want someone who will conscientiously follow your directives after you’re gone. A trustee can look after the assets you designate and make sure they’re distributed according to your final wishes.
What is a trustee?
In terms of probate and trust administration, a trustee is someone that you appoint to manage your assets. You can choose anyone to be your trustee, but it’s important to choose someone who’s trustworthy and good with money. If they know what they’re doing, they might be able to make your bequest last for years to come.
Many people appoint a trustee if they plan on leaving money behind for their children. Instead of letting their children receive a massive sum when they turn 18, the parent places the money in a trust and appoints a trustee to manage the funds. This trustee disperses the money over a period of several years, helping the children make smart financial decisions instead of blowing it all right away.
A trustee has other financial responsibilities such as filing tax returns and keeping track of financial statements. The trustee also has to communicate with the beneficiaries and answer any questions they might have. An estate planning attorney could help you choose the right trustee for your assets.
What’s the best way to plan your estate?
An attorney can help you through every step of the estate planning process. A good estate plan isn’t just a will — it’s a comprehensive approach that ensures the implementation of your wishes regarding yourself and your heirs. You can make decisions for your end-of-life care as well as for your property and finances.