If you have established a trust and put yourself in charge of it, one day you will have to decide who will handle these matters once you are no longer able to. This means choosing a successor trustee, someone who would be capable of caring for these trust assets for you. This is not a decision to be made lightly, which is why our attorneys are here to advise you on trusts and any other estate planning complications that arise.
When Do I Need a Successor Trustee?
If you have a revocable living trust that you are in control of, then you will eventually need to choose someone to take it over for you. Whether you pass away or you are no longer capable of making these financial decisions on your own, it’s important to have someone selected so that there is less chance of confusion or family drama.
The successor trustee will manage your trust for you after you are no longer capable of doing it. They can pay bills with your money or even sell off assets. However, they also need to follow any instructions that you laid out while you were capable of managing your own trusts or assets.
What Makes a Good Successor Trustee?
When choosing a successor trustee, you obviously want to be sure that this is someone who is capable of handling the duties of managing your trust. It also helps to think about how long they would have to perform such a task. If you have been diagnosed with a neurological condition or disease, for example, that could mean that your successor trustee will be in charge of your assets for a long time.
Someone who has good business sense can be a good fit, but overall you just need someone who will respect your wishes, use good judgment, and keep your assets safe for your beneficiaries.
Should I Talk to Trustee Candidates First?
Being a trustee is a time investment, so you should be courteous and talk to potential successor trustees before you give them such a responsibility. You want to be sure that they can handle the job and that it won’t be pulling them away from their own career or family for too long.
You can also set a backup trustee, just in case your first choice for successor trustee does not work out for whatever reason.
Do I Need an Estate Lawyer?
It is helpful to have an estate lawyer when you are managing these types of arrangements. Setting up a trust is simple for our attorneys, and we can help you figure out who would be a good fit for trustee after you can no longer manage it.
Schedule Your Consultation
If you have any questions about your estate plan or establishing trusts, we can help. Contact the Lauterbach Law Firm and schedule a consultation with our team. We can handle the complex paperwork and help you protect your assets.
