Estate Planning Checklist Template Page 14
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16(b) Substitute executor.
Name(s):
Address:
3. Trustees. Your trustees have the responsibility for the long-range management of property
that is to be held in trust for the benefit of the beneficiaries of trusts you may create.
Depending on the terms of the trust, there may be adverse tax consequences if a trustee has an
interest or possible interest in the trust, although usually if the trustee's discretion is limited those adverse
tax consequences are similarly limited. A trustee can be a corporation (qualified to act) or individual. You
may choose to have co-trustees, one of which may or may not be a corporation. Because corporate
trustees must charge fees for their services, they may decline to accept small trusts. Their fees to
administer a small trust may turn out to be disproportionately large if they are to cover their costs in
handling the trust.
In general, choose a trustee with the following qualities: integrity, mature judgment, fiscal
responsibility, and reasonable business and investment acumen. If you wish to select co-trustees, you
may want to choose them for how well their individual strengths compliment each other. Frequently, the
same person(s) or corporation selected as executor(s) may be designated as trustee(s).
(a) Principal trustees.
Names:
Addresses:
(b) Substitute trustees (to act if one or more of the principal trustees cannot or will not
act).
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