This can be a friend or family member, a professional trustee or a trusted company or corporate trustee. Here are some aspects to consider when making your decision.
Trust
As the name suggests, the trustee should be trustworthy. If you can not trust the person to hold R1000, you probably should not pick them as the trustee of your estate.
Well-informed informed individual
You want someone familiar with basic concepts of investing, and preferably someone who has investments of their own that they are actively monitoring.
Appointing a family member or friend
Before appointing family or a friend as your trustee, take into consideration that the process of releasing your assets could impact family dynamics if any drama is encountered along the way. Family and friends may be too close to the family and may get caught up in the drama. They may have a power trip and enjoy being in control of your assets. You may want someone external, with a little more distance who will treat your beneficiaries in the required manner.
If coming to a decision proves to be difficult, talk to your lawyer and other advisors and work through your concerns to find a solution that works for you and your family.
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