Five Questions to Ask Yourself When Choosing a Trustee for Your Special Needs Trust
The choice of trustee is one of the most important decisions you'll make regarding your special needs trust. Here are five qu...
Read moreParents or other family members establishing a special needs trust for their child often want to name a professional -- usually a bank, trust company, attorney, certified public accountant or non-profit -- as one of the trustees of the trust in order to take advantage of that individual's experience with investments, money management and tax planning. The professional trustee can also be a great option for families looking for a "disinterested party" to provide a counterweight to a family trustee who may be much more familiar, and much more emotionally invested, in the beneficiary's day-to-day life. If your child is about to receive a large cash settlement, hiring a professional trustee may even be essential in order to preserve and manage the trust's assets for the long-term, especially if you have little investment experience.
But not every trustee recommended by a personal injury attorney or that advertises trustee services provides the best services for trusts designed for children with special needs. Here are some questions to ask while searching for the right professional trustee for your new trust.
This list is by no means exhaustive; to download a list of 34 questions that one law firm gives to family members hiring a private professional trustee, click here. Your special needs planner can help you select an appropriate professional trustee, and he or she may even have the names of certain companies or people who have performed this work well for other clients in your situation.
Local Special Needs Planners in Your City
The choice of trustee is one of the most important decisions you'll make regarding your special needs trust. Here are five qu...
Read moreHere are seven questions to ask before accepting appointment as a trustee of a special needs trust.
Read moreMost special needs trusts give their trustee wide authority to respond to unforeseen circumstances. But for those concer...
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