Trusts are valuable estate planning tools that can be utilized to any number of ends. Connecticut residents can use trusts to minimize estate taxes, avoid probate and more easily pass assets to heirs. While people usually understand that selecting the right type of trust and funding it correctly is important, they often forget about what it takes to name the right trustee.
A trustee is a person who is in charge of making important decisions regarding a trust, including making distributions, managing investments and paying taxes. These tasks may seem straightforward, but they require a specific skill set. This makes choosing the right person to fill the role almost as important as establishing the trust itself, as mismanagement could quickly derail the original plans and limit what a beneficiary receives.