A trust is an agreement between a settlor and a trustee, which directs the trustee to hold the settlor’s assets for the benefit of the settlor’s beneficiaries. In simple terms, an individual will establish a trust to hold their assets for their beneficiaries. The person establishing the trust, or the settlor, can create a trust agreement where he is both the settlor and the trustee and place all of his assets in the trust.

Naming a trustee to administer your trust is an important decision that should be afforded thoughtful consideration. One should consider the proposed individual’s qualifications, ability, professionalism, and ethics. Equally important is the decision to accept appointment as trustee of another’s trust.  Oftentimes, a trusteeship is accepted without prior knowledge of the duties and responsibilities involved.