Q – I am preparing a will and need to name a trustee. Who is allowed to fill such a role under the law? – T.W.
A – Basically anyone. There are no significant legal restrictions on who may act as trustee of an estate. But practical concerns are another matter.
Trust and competence are the key qualities required of a trustee. You need a person or organization that can be relied on to carry out your wishes and to protect the assets of the estate. You also want to name a trustee that has the time and the expertise to deal with the many legal and family niceties that are involved.
Possible trustees would include family members, friends, trust companies, lawyers and accountants. Some people prefer to name dual trustees – a trusted family member or friend who will take into account the personal situation of the heirs and a lawyer or trust company to handle all the technical aspects. – G.P.