Choosing Trustees for Special Needs Trusts
One of the more challenging tasks of creating a special needs trust (SNT) is choosing who will serve as trustee.
The responsibilities of a trustee include:
- managing the day-to-day operations of the trust;
- making distributions to the beneficiary;
- paying the trust's bills; and
- investing the assets of the trust.
Some important things to consider when choosing are:
- How much does the trustee know about public benefit programs?
- How much time does the trustee have to carry out the tasks required?
- Have you considered a professional trust administrator?
- Are you comfortable with an outsider managing your loved one's trust?
- Would you consider a pooled trust?
Learn more about Special Needs Planning. If you are considering setting up a special needs trust for your loved one and would like guidance, give us a call at (605) 275-5665. We would be happy to help answer your questions and assist you.