Page 11 - Accumulating, Preserving, and Passing Wealth | Stifel

Who Should You Name as
Trustee of Your Trust?

The role of trustee is important, as the trustee
manages and controls the assets in the trust. You
can name yourself as trustee, which allows you to
continue managing your assets while you are able.
You can buy, sell, borrow, or transfer assets in or
out of your trust at any time. You can then name
a successor trustee, who may be an individual or
entity, such as a trust company, to step in when
you are no longer able to serve.

If you feel that you need assistance immediately,
you can create a trust and immediately name a
corporate trustee or an individual to serve as your current trustee. In this case, your trustee will be immediately responsible for
the management of your trust, providing you the assistance you need to help meet your personal and financial goals.

What should you consider when selecting a trustee?
Selecting a trustee is an important decision. The trustee is responsible for knowing trust law, property law, and tax law, and
then must combine this with the details of your particular family situation to help ensure that your goals and wishes are met.

While you may want to name a family member, such as a spouse or child, that may not always be the best choice. Often, the
responsibilities placed upon the trustee can be cumbersome and time-consuming. In addition, it is often unfamiliar territory
for many, and can be confusing. Putting a family member in the position of determining what benefits other family members
may obtain can put a strain on even the most comfortable family relationships.

When deciding who should be your trustee, factors you may want to consider include:

• Will the trustee follow the terms of your trust document?
You want a trustee who will abide by your wishes, maintain impartiality, and execute the instructions you set forth
when you created the trust. A professional trustee generally has more experience and expertise regarding the
technical and legal aspects of the trust, working closely with you and your family to help you pursue your goals.

• Can the trustee render quality investment advice and assist you and your family with
financial decisions?
Your trustee is responsible for managing the assets within your trust. You want to work with a trustee who knows your
financial situation and who can provide personalized investment advice and conservative, quality investments to help
pursue your financial goals.

• Will my trustee communicate with me, and can I contact my trustee when necessary?
Communication is important, and you want to make sure your trustee is providing you with the information you want
and need. In addition, if something arises that needs the trustee’s attention, you should know that you can reach the
trustee and get answers when you need them.

• Is a corporate trustee the right solution for you?
Naming a corporate trustee as a successor trustee or successor co-trustee to serve with an individual has several
benefits. These benefits include availability, specialization and expertise, investment experience, and impartiality.
Before possibly risking family harmony and burdening a family member with the work, responsibility, and potential
liability that comes with serving as trustee, consider the benefits of using a corporate trustee, such as Stifel Trust
Company. While serving as trustee, Stifel Trust Company will rely heavily on an individual’s Stifel Financial Advisor to
manage its relationship with the individual’s family.

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