Choosing to use trusts as part of an estate plan is often a wise decision, particularly for asset protection. However, trusts need someone to manage them after the trustmaker’s passing, and trust administration can take time and have its own complications. As a result, Arkansas residents should be purposeful when choosing their trustees.
In some cases, people may choose to have the same person act as a trustee and as the executor of their will. This is not an entirely good or entirely bad decision as it can have its benefits and downsides. For example, naming the same person to the role could prevent miscommunication and confusion between the executor and trustee, but it also means that the person may not have someone else to keep him or her in check.
Of course, automatically believing that naming separate people to the roles is the best way to go is not necessarily ideal either. Though having different people can create a checks-and-balances type of approach, it could also set up the chance for conflict. If the executor and trustee do not agree on how a certain estate matter should be handled, delays could result.
Trust administration and probate proceedings can be complex, and it is important to have the right person or people in charge. Though trustmakers can put whoever they want in charge (to a certain extent), it is important that they review their options thoroughly. If Arkansas residents are concerned about naming individuals to such important roles, they may wish to seek advice from legal professionals on that matter.