The selection of who will be the financial manager in your financial documents (Revocable Living Trust, Will, and Financial Power of Attorney) is very important. The factors I ask my clients to consider are the following:
- You must trust the person will make the best decisions for you and for your family.
- Who can keep the family together, rather than causing splits, or making the splits worse?
- Most of the decisions are financial. Who has good financial sense?
- Who is honest?
If a family member is not suitable, you may appoint a Trust Department at a Bank to make financial decisions. A Trust Department has Trust Officers who do these jobs for a living and have knowledge and experience to properly handle your assets. An option my clients often consider is appointing a family member to act with the Trust Department.