Estate planning includes looking to the future and making financial and legal plans based on what could be best years down the road. For individuals in Louisiana looking to accomplish something specific with their wealth or protect assets for a specific beneficiary, it may be prudent to establish a trust. One of the most important aspects of establishing a trust is to choose the right trustee. This decision can have a significant impact long-term.
Who is the right choice?
Where the trustee is located is important. Sometimes, state laws are applicable to the administration of a trust. It may be beneficial to choose an individual in a state with favorable laws regarding trusts. When choosing a trustee, it is also important to consider the needs associated with the trust. It is prudent to consider choosing a party that is wise, dependable, honest and committed to the purpose behind the trust.
In many cases, it is appropriate to choose a trusted individual to act a trustee. Depending on the circumstances, however, there can be many benefits in designating a corporate entity as the trustee. This can provide stability, as well as ensure expertise in the administration of the trust assets.
Creating the right plan
When creating an estate plan, it is beneficial for one to consider what will be best long-term. This can be a daunting task, which is why it is important for one to work with an experienced Louisiana estate planning attorney. This guidance can also prove beneficial when identifying the most appropriate trustee.