What is a Successor Trustee?
How to ensure that your estate is managed properly and according to your specific wishes
Establishing a trust is one of the most common types of estate planning and is an important step in securing your assets. There are many different types of trusts that can be utilized based on your unique situation each with its own specific characteristics. Regardless of what types of trust instruments you choose to utilize, choosing the right trustee is arguably one of the most important aspects of trust creation. In the event that the original trustee becomes incapacitated or dies, you must also name a successor trustee that is able to step in and immediately assume control of the trust.
A successor trustee must be willing and able to take full responsibility for carrying out the terms of the trust according to your wishes. When evaluating your options of whom to name as successor trustee, important questions to consider include:
Is this someone I trust to assume full financial and personal control over my trust assets?
Does this person have a proven history of acting with honesty and integrity both in their business and personal lives?
Can I trust this person to adhere to the provisions of the trust and properly look after my beneficiaries?
Does this person want to assume this responsibility and the duties that go along with administering the trust
Would I be better off using a professional?
These are undoubtedly difficult questions that may not have quick and easy answers but it is in your own best interests to evaluate your options and choose the right person or entity to assume these duties. It may be helpful to discuss these questions with an experienced estate planning attorney who can help you understand your options and provide you with the legal resources you need to make the best decisions for your case.
Choosing the right successor trustee can seem like a daunting task. However, taking the time to evaluate your options and thoughtfully consider who you believe can handle this great responsibility is a necessary step in the estate planning process. If you have questions about your legal options, contact the experienced North Palm Beach trust attorneys at Kitroser & Associates by phone at 561-721-0600 or send a confidential email today.