By far and away, the most important factor to consider is choosing somebody whom you have complete trust, faith, and confidence in. That may sound kind of obvious, but it’s amazing how many times people don’t follow that guideline. The person you choose needs to be somebody that you know is going to make the right decisions.
Another factor to consider is you want somebody who is organized, somebody who is diligent, somebody who is responsible. Also, if the individual you choose has a financial background, they’re financially savvy, that certainly helps, but that’s not necessarily a requirement. If you choose somebody that does not have a financial background, you at least want them to be responsible enough to align themselves with competent advisors – an attorney, a CPA, financial advisor – people that are going to help them to make the right decisions.
If you go through these factors and realize you don’t have anybody that fits the bill, then a professional trustee may be an excellent choice for you. These trustees do charge for their services, but, in my experience, they’re well worth the money. Those are some factors for you to consider in deciding whom to name as a trustee.