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Home » Estate Planning » What Is a Living Trust Successor Trustee?

What Is a Living Trust Successor Trustee?

September 1, 2015Estate Planning

What Is a Living Trust Successor Trustee?A trustee is an estate administrator. When you create a revocable living trust, you can act as the trustee while you are living. Ultimately, you are creating the trust to facilitate asset transfers after you die. To make this happen, you name a successor trustee in the trust declaration. The successor trustee would administer the estate after your passing.

Choosing a Successor Trustee

When you think about a successor trustee, you may start to scour your mind for people that you know who may be able to handle the role. You can go this route, but you should keep certain things in mind.

For one thing, longevity is a factor. Will the successor trustee be alive and well after your passing?

You also have to consider conflicts of interest and tender feelings. To provide an example, one of the benefits that you gain when you use a living trust is the ability to provide measured distributions over an extended period of time.

If you want to make sure that the beneficiaries do not spend their inheritances too quickly, you can instruct the successor trustee to mete out the resources little by little. You do not have to allow for lump-sum distributions.

Most people will give the trustee the discretion to distribute larger sums when certain circumstances exist. If the trustee is someone that is a family member or close friend, he or she could be swayed by spendthrift beneficiaries.

Many people will go in a different direction. You can use a corporate trustee, like a trust company or the trust section of a bank. There are a number of clear benefits that you would gain if you use a corporate trustee. There would be no longevity concerns, and you could be certain that the trustee would follow your instructions in an emotionally detached manner.

Free Report on Trust Administration

We have prepared a free special report on the trust administration process. This report will provide you with a great deal of information if you would like to learn more about trust administration and the role of the successor trustee.

You can access this report free of charge at the present time, so there are no risks and no obligations. To get your copy of the report, visit this page and follow the simple instructions: Trust Administration Report.

To Schedule a Consultation

If you are interested in the possibility of working with our firm after learning these facts, please select our “Workshops” tab to RSVP for a free estate planning workshop. At that workshop you will be offered a free one-hour consultation with an attorney.  www.collinslawgroup.com/seminars/

 

 

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Caprice Collins
Caprice Collins
Attorney Caprice L. Collins is a top rated Harvard Law School graduate. She has 34 years of legal experience with a successful law practice devoted exclusively to Estate/Business Planning and Trust Administration. Attorney Collins is a well-respected keynote speaker on Wills, Living Trusts, Estate Planning, Business Planning and Trust Administration. She has appeared on California’s Real Estate Radio Station KTLK AM 1150 as a legal expert on Estate Planning and Living Trusts among many other notable media appearances.
Caprice Collins
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“My mother told me about the Collins Law Group and I must say, the entire experience has been a real pleasure. Although I was nervous at first, the Collins Law Group staff put me at ease with their friendliness and knowledge. I didn’t realize how hard it could be on your family and loved ones left behind if you die without any planning or directions in place for them. My biggest concern was making sure my elderly mother would be provided for and taken care of if something happened to me. I have been a caregiver for her for 12 years, so this planning was crucially important. I had previously made a living trust for myself on Legal Zoom but there is no comparison to the level of service and professionalism that Collins Law Group embodies. Attorney Collins and her staff provides excellent service and it will take a large burden off of my family when they need guidance at the time of my passing.”

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