• When a Family Member Serves as Trustee - "Fair and Honest Is Not Enough"
  • March 13, 2013
  • Law Firm: Sirote Permutt P.C. - Birmingham Office
  • Parents typically face two choices when selecting a trustee to manage a special needs trust for their child when the parents have died. One choice is a professional trustee-a bank or trust company or an individual who is in the business of serving as a trustee. Of course, professional trustees charge fees, and many banks and trust companies have a minimum trust balance requirement in order to serve as trustee. The other choice is to name a family member to serve as trustee, such as a sibling of the trust beneficiary or some other trusted family member. However, in most cases, this family member will never have served as a trustee and may have no idea what will be required to take on the responsibilities of a trustee.