When it comes to estate planning, trusts are appealing for many reasons. They can enable you to hold and transfer assets for beneficiaries, avoid probate and reduce estate tax exposure. But they can be complicated to set up. Don't underestimate the importance of naming your trustee. It may be one of the most important decisions of your life. As the name implies, this individual or financial institution must be above reproach. But that’s just one quality of many that your trustee requires. Both mundane and significant duties Trustees have significant legal responsibilities, primarily related to administering the trust for the benefit of beneficiaries according to the terms of the trust document. But the role can require many different types of tasks. For example, even if a tax expert...
