Choosing a Trustee for Your Special Needs Trust
Choosing the right trustee for a special needs trust is one of the most critical decisions you’ll make—especially when your loved one is a young child.
The trustee will play a long-term role in safeguarding their future, managing resources, and ensuring their needs are met with dignity and care. Let’s explore the available options and weigh the pros and cons of each to help you make an informed, compassionate choice.
Your Parents: Many couples consider this first. After all, your parents know and love your children and understand your wishes. However, this is only a temporary solution, as your special needs trust must protect your loved one with special needs for his or her entire lifetime.
Your Siblings: Like your parents, this may be a good temporary solution. But the same drawback applies here as well. Your siblings are unlikely to outlast the trust itself, and you will need a successor trustee.
Your Other Children: This option seems logical to many couples because their children know one another well and are roughly the same age. However, you must consider a number of factors with this option. First, do your other children have the time and capacity to serve as a trustee? Then you need to consider the dynamics of your family. How will this impact the relationship between family members? That is, will you be perceived as “playing favorites?” We recommend that the trustee works alongside caregivers, representatives, and family members to act in the best interest of a special needs loved one.
A Bank or Trust Company: Banks, brokerage houses, and trust companies all have their own set of qualifications, limitations, and areas of expertise. Many have separate departments that concentrate on managing trusts. However, if you have a special needs trust that is a good fit with an institution’s limitations or qualifications, and the institution’s trust department has an outstanding reputation, this may be a long-term option worth considering.
As you can see, there are a variety of options, each of which has advantages and disadvantages. Sometimes, the best choice for a trustee and successor trustees is a combination of one or more options. There are many uncertainties of the future, so we highly recommend curating a list of trusted successor trustees just in case your originally selected trustee cannot serve. We are here to guide you through the various options and help you choose the trustee, or combination of temporary trustee and successor trustees, best suited to your particular situation and needs.
The Elder Advisors Law team in Janesville and Wales offers specialized guidance in choosing the right trustee for your Special Needs Trust, rooted in family-first values, asset protection, and clear communication—making them a trusted resource for families navigating complex estate planning decisions.
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We welcome the opportunity to assist you with any questions you may have. Please feel free to reach out to us by phone or join one of our free workshops for valuable insights and personalized guidance.
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Elder Advisors Law workshops in Janesville and Wales, Wisconsin, are free. Creating an inviting and relaxed environment for attendees, these sessions deliver practical and actionable advice on safeguarding your well-being, preserving your assets, protecting your estate, and ensuring a lasting legacy for your loved ones.
