As we are advising clients regarding their Trusts, we need to discuss the issue of how to select successor Trustees, to carry out their wished when they have passed.
Serving as the successor Trustee of a Revocable Living Trust, whether due to the Trustmaker’s disability or death, is a huge responsibility and time consuming burden, but with the help of your estate planning attorney you should be able to choose the right person or institution for the job. Here are the qualities you should look for in your successor Trustee:
Extremely loyal and fair
Your successor Trustee must be loyal to you if you become disabled and loyal to your beneficiaries after you die. Aside from this, a successor Trustee must be fair in the treatment of multiple trust beneficiaries in order to protect all of their interests during the course of administration of the trust.
Your successor Trustee must have common sense and be able to make practical decisions while administering the trust for your benefit if you become disabled and for the benefit of your beneficiaries after you die.
Your successor Trustee must be organized so that the trust checking account balances and all bills, invoices, statements, and other various backup documentation can be located quickly.
Your successor Trustee must be thick skinned to be able to deal with greedy beneficiaries who want distributions for just about any reason; the vast amounts of red tape that financial institutions and the government will throw their way; and unforeseen circumstances around every corner.
Contact West Palm Beach Estate Planning Attorney Gregory C. Picken to discuss joint property issues or any other estate planning, probate, trust or guardianship issue you may be facing.