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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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Testimonials

Ms. Collins and her team has earned my trusts and respect. They showed professionalism, attention to details and made me feel like I am family. It is truly reassuring to know that my family and I won’t he on our own after the documents are executed.

Saida H.–
My overall experience with Collins Law Firm has been great. The process of estate planning was thoroughly explained with personal care and concern. The entire staff is very personable and eliminate any intimidation. I feel very relieved to have completed this process and I am very comfortable in knowing that Collins Law Group is available to us for any needed help.

Mattie S.–
We received excellent and clearly explained directions with respect to the creation of our living trust and the required follow up actions. Caprice is easy to work with and she inspires full confidence in her abilities. We continue to work with her as we review changes in our lives and the adjustments required to insure that our trust does what we want it to do.

John C.–
Attorney Collins was referred to us by a friend who had a living trust prepared for his family. We attended one of her very informative seminars on living trusts. Shortly there after we had out trust done.  She is very thorough, precise and follows up to ensure we’re satisfied with our estate plan. The staff was wonderful as well.

Tony B.–
We’ve had Living Trusts done by two different attorneys over the last 12 years. After retaining the Collins Law Group, it became clear that the others weren’t up to the same standard. Attorney Collins and her staff have an eye for detail that was absent from the other firms we used. It was the difference between dining at a gourmet restaurant, and a fast food drive-thru. The Collins Law Group is terrific at putting you at ease, and makes the process relatable and easy-to-understand. After watching other family members go through the ugly, hot mess of Probate, we definitely feel safe and in control of our estate and the legacy we’ll leave behind for our children.

Mr. & Mrs. Owens–

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