Once you set up a trust, you’ll need someone to invest the money, maintain good records, handle taxes, and make payments to the trust beneficiaries. The person that takes on those roles is called a trustee, and your trustee (or trustees) could be a friend or family member, a financial pro, or even you, in certain cases.
Name a trustee who administers the trust but hires an outside manager to invest the money.
The trustee’s powers come from the trust agreement you establish, and he or she is legally bound to follow your directions and act in the best interest of the trust. You can specify any rules you wish, such as how much income your beneficiaries should receive. Or you can let your trustee have more discretion based on the guidelines you lay out.
You want someone you can trust implicitly with both the financial responsibilities of managing the trust and with carrying out your desires as spelled out in the trust.
