Trustee selection

Clinical Psychologist & Author, Lee Hausner, PhD, shares advice on the role of a trustee in estate planning and how to choose the best trustee for your assets
Advice For Choosing The Right Trustee - Estate Planning Advice
KidsInTheHouse the Ultimate Parenting Resource
Kids in the House Tour

Trustee selection

Comment
1020
Like
1020
Transcription: 
Trustee selection is really proving to be a significant challenge for families who are trying to set up trusts. The role of a trustee is to really be the prime person who is interested in the fiduciary interests of beneficiaries, equally. You are going to have to pick somebody who really understands how to fiscally manage the assets. What often happens in trustee situations is, uncle John says, "I love my nieces. I will be happy to be their trustee." Uncle John knows nothing about how to manage assets or the technicalities of being a trustee, the reporting, and understanding the investment strategy. His nieces grow up and marry lawyers who sue the uncle for mismanaging the trust. You have to pick somebody who is a trustee or a co-trustee who, number one, understands the fiduciary responsibilities. You may want to pick a co-trustee who understands, on a personal basis, the needs of the family.

Clinical Psychologist & Author, Lee Hausner, PhD, shares advice on the role of a trustee in estate planning and how to choose the best trustee for your assets

Transcript

Expert Bio

More from Expert

Lee Hausner, PhD

Clinical Psychologist & Author

Dr. Lee Hausner is an internationally recognized clinical psychologist, business consultant and family wealth advisor. She served as the senior psychologist for the Beverly Hills Unified School District for 19 years. She is currently the Senior Managing Director for First Foundation Advisors. An acknowledged expert on psychological issues involving wealth and wealth transfer, she was a presenter at the World Economic Forum in Davos-Klosters, Switzerland, and is a frequent participant at the high wealth/private client conferences for major financial institutions. She is a frequent guest on national radio and television and a quoted expert in national publications such as The Wall Street Journal, Times, Forbes, Fortune, Privilege, Town and Country and Worth Magazine.

Dr. Hausner is the co-author with Doug Freeman of A Founder's Guide to the Family Foundation, published by the Council on Foundations and is the author of the seminal work regarding wealth and the family; Children of Paradise: Successful Parenting for Prosperous Families. In addition, Dr. Hausner incorporated her unique six-step transition model for succession in family business in the critically acclaimed family business resource book Hats Off to You 2: Balancing Roles and Creating Success in Family Business, of which she was a co-author.

Dr. Hausner is a graduate of Northwestern University (BA, Psychology), San Francisco State University (MA, Psychology), and Kensington University (PhD, Psychology).

More Parenting Videos from Lee Hausner, PhD >
Enter your email to
download & subscribe
to our newsletter