Choosing the right successor trustee is important. This needs to be someone trustworthy enough to manage your assets and your trust, and they also have to have the free time to take on the responsibility. If you have any questions, a Washtenaw County trusts attorney should be able to help you.
When Do I Need a Successor Trustee?
If you have a revocable living trust, you have probably put yourself in charge of it. This is one of the smart ways to protect your assets and stay in control of them later in life. However, one day will come when you are no longer able to handle these financial affairs yourself. Whether you pass away or become incapacitated in some way, selecting a successor trustee ensures that someone will be able to take control of the trust for you.
What Does a Successor Trustee Do?
The successor trustee would control the trust just as you would. They can pay bills, disburse funds, and sell off assets. They just need to conform to any directions that you have left behind for the trust.
When you pass away, the successor trustee essentially acts as an executor. They will ensure that the assets that you wanted to pass on to your beneficiaries all end up in the right place.
What Qualities Should I Look for in a Successor Trustee?
Obviously, you want someone responsible to be your trustee. You should also make sure that they have the time to handle the management of your trust though. This is a time investment. If you have an adult child who has their own career and family to attend to, they may not be able to handle this on top of their own obligations.
Should I Pick a Backup Trustee?
This is why it can be a good idea to pick a backup trustee. If the first person you choose cannot perform these duties, then you have another good candidate waiting in the wings.
You can also decide to choose a corporate trustee. Some companies and certain bank departments can act as trustees. This can be a good option if you are not sure if your family members or friends can take on the role of successor trustee, or if you believe that the selection of a trustee could cause strife among your family members.
Do I Need an Attorney to Set This Up?
Having an attorney on your side certainly makes it easier to set up a trust and plan for any adjustments, like the appointment of a successor trustee, that will need to be made. A lawyer can make sure that all agreements are legally binding, that assets will go to the proper places, and that your trustee will be properly compensated for their work.
Contact Our Law Firm Today
If you are ready to set up a trust of your own, contact Collis, Griffor & Hendra. We will make it easy to take full advantage of any estate planning tools that could benefit you. Give your family peace of mind and start protecting your assets today.
