Selecting a Trustee of a Louisiana Trust

 

I was working with someone yesterday and she wants to leave things to some very young people which included her heirs when she died.  She knows that inheritance for those young people is going to have to be managed for them in trust. So she had to pick a trustee who's going to manage all of that stuff for her young grandchildren and make sure that it's used for their education until they get it at a later date. She had to decide whether to use an individual trustee or a corporate trustee. So we analyzed that decision and she knew that she could select another family member to be an individual trustee. That family member really understands the needs of those beneficiaries. Sometimes the individual trustee doesn’t understand all of the formal duties that a trustee has but the individual trustee can hire accountants and attorneys to take care of those duties. Then she tried to determine whether she should use a corporate trustee. All of the large financial institutions will serve as a trustee of the trust and charge a fee. They don't quite understand the needs of a beneficiary perhaps as much as a family member would but they are certainly going to comply with all of their legal and accounting requirements and typically they invest the money well. It seems like a lot of people in Louisiana select an individual trustee but be aware that you have some decisions to make on whether to choose an individual or a corporate trustee to manage things when you're gone.

 

Paul Rabalais

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