If you are setting up an Asset Preservation Trust to protect your life savings from long-term care costs, you will need to have a trustee. Now, the word “trustee” may conjure up a negative image of a sinister character in some people’s minds, however, that just isn’t the case. Snidely Whiplash is not your modern day trustee.
Trustees are simply trusted people whom you will name to handle the assets and finances in your trust. Often, there are no more trusted people in your life than in your own family.
So, can you name a family member as a trustee?
In this Elder Law Minute, Wes Coulson, Southern Illinois Elder Law attorney, discusses the misconception of trustees and whether or not you can, or should, name a family member as the trustee for your asset preservation trust.
Can a Family Member Serve as a Trustee?
Hi, I’m Wes Coulson and this is your Elder Law Minute. You know, if you’re going to have an Asset Preservation Trust to protect your life savings from long-term care costs, that means you’re going to have to have a trustee. You’re going to have to name a trustee.
You know, I probably watched too many black and white movies growing up because I developed this concept of what a trustee looks like. It was either a bald guy or somebody with a pencil-thin mustache, who kinda was the Snidely Whiplash character in the movie and so a lot of people get turned off by the concept of the trustee.
First of all, because I know a lot of nice people who work in trust departments, rest-assured that Snidely retired back in the 60s and you wouldn’t have to deal with him anymore. But, for most people, who you’re going to name as trustee is going to be a family member. Most commonly, one or more of your adult children.
Basically, you’re asking the question(s):
Who do I want to trust with this money to keep it safe?
Who will invest it in accordance with my goals and standards?
Who will cooperate as needed in getting money back to me later?
And for most people, the answer to that question is, “Well, that would be one or more of my children.” If you don’t have children it might be a sibling, another close relative or friend, and that’s generally who your choice in trustee is going to be. Thanks.
For more information on Asset Preservation Planning, visit these articles:
- Is Asset Preservation Planning Legal?
- The Morality of Benefits Planning
- What’s the Difference Between Estate Planning and Asset Preservation Planning?
- Long Term Care Costs: The Biggest Threat to your Financial Future
“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.