You've spent your whole life building your legacy. When it comes time to continue your legacy, who should you choose to make sure that your wishes become reality?

As many people place their assets, such as farms and accumulated wealth, within a trust to provide for the future, choosing a trustee is an important part of making sure that your trust is taken care of properly. Selecting a trustee doesn't have to mean searching the family tree for the right person. As families become scattered, and adult children develop interests beyond the family farm or business, selecting a third party, such as a bank, as trustee can be a solution that bring you peace of mind. Consult with your financial advisors, legal counsel and tax preparer as you work through the selection process.

Choosing a third-party such as a bank can be a potential solution. The duties of a trustee may potentially exceed a family member's understanding of the job. Some duties may be time-consuming and may require more expertise than some family members can offer. Consider the following questions when selecting a trustee:

  • Does your trustee have ample time to handle the administrative duties of the trust?
  • What type of time commitment are you asking of the trustee? Does the trustee's duties require a long-term or multi-generational commitment?
  • Does your trustee have basic accounting knowledge that will allow them to pay bills and conduct basic bookkeeping duties?
  • Is the trustee available to manage or possible dispose of business or personal assets such as real estate, investments and personal property?
  • Is the trustee able to manage potential conflicts among family members or blended families?
  • Does your trustee hav working knowledge of any unique assets that your trust may hold such as a farm, or oil/gas holdings?

Consider the responsibilities of your trust arrangements, and how an independent third-party such as Iowa State Bank may be able to share their knowledge and experience.