19 Sep
There are a variety of different decisions that go into the process of how assets will be divided. Many of these include how assets will be divided and how they will be treated. Perhaps one of the most important decisions that must be made involves who will be managing a Texas estate in addition to how it will be divided.
For many people, the most obvious answer is one of their adult children. However, this could potentially cause conflict among other children. While some people have chosen to name all of their children as their co-trustees, this can also create conflict if the children have differing ideas about the estate’s administration. Few siblings, for example, have experienced years of legal maneuvering when they were named as co-trustees.
Part of deciding who should serve as the most appropriate trustee will likely include some consideration of the potential candidates’ biases and personal interest. For example, a sibling who has a financial interest in the estate could delay distribution. Or a family member or friend could create complications against the trustor’s offspring over personal grudges.
An experienced estate planning attorney can provide guidance about who could best serve as a trustee. An ideal candidate would be expected to outlive the trustor, meaning a sibling may not necessarily be the best option. While there are neutral third-parties who can perform the role, it may not be the best fit some estates. As such, discussing these concerns with an experienced professional in Texas can help those who are going through the planning process to arrive at a decision that meets the individual needs of the estate.