QUALITIES OF A GOOD TRUSTEE
At the outset, anyone you name as a trustee should be honest, trustworthy, responsible, detail oriented, able to follow instructions, and have some experience managing financial assets.
To a large extent the size and complexity of your financial holdings should be considered in selecting the trustee. People that own and operate a business for example may benefit from selecting a trustee that has similar business experience. If you own rental property, consider whether the person you are naming as your trustee will be comfortable or capable in managing your rental property.
Likewise, if you have sophisticated investments, it is a good idea to make certain the person you select as a trustee is familiar and comfortable monitoring, managing and maintaining those investments as well.
Also give some consideration to how sophisticated your income tax situation is and the extent to which you have other professionals such as a CPA who could lend assistance and provide guidance to your trustee.
Additionally, the trustees should also have good communication skills so they can keep trust beneficiaries and other family members informed as to the status of the trust administration.
You may find that there is no individual in your life that is capable of serving as a trustee over your finances. Consider creating a team of trustees with each trustee bringing unique skill sets to the trusteeship role.