If you’ve decide to include a trust in your estate planning, you will need to carefully consider who you will choose as your successor trustee. While you’re able to serve as trustee of your trust, you need to pick a capable and reliable successor trustee to serve in the event of your incapacity or death. Take a look at the following information, for considerations that you should make when making this decision.
When choosing a successor trustee, consider the following:
- Will he or she be able to handle the time commitments of the job? If your successor trustee has many other responsibilities, it can be hard to devote 100% to your trust’s duties and affairs. You need someone who is able to help at all times.
- Is he or she able to stay organized and keep good records? In order to avoid mistakes, your successor trustee needs to be willing and able to keep neat and organized records of all duties and affairs.
- Do you trust him or her to handle your affairs? Your successor trustee should be responsible, reliable, and honest. If you choose someone who doesn’t make smart and honest decisions, your affairs may be handled incorrectly.
- Does he or she have a full understanding of all of the responsibilities? You need to make sure that your successor trustee is aware of all of the duties of the job. You should not choose a successor trustee without informing him or her of the choices that you’ve made.
- Will your successor trustee be able to communicate well with your beneficiaries? You want to make sure that he or she is able to communicate well and avoid conflict. This can allow the affairs be handled in a more successful manner.
By taking extra care to choose a great successor trustee, you can have a greater peace of mind knowing that your affairs are correctly in order. If you have any questions, or if you need help selecting a successor trustee, consult with a qualified estate planning attorney.
John Potter is an Estate Planning and Elder Law attorney in the Charlotte, North Carolina, area with offices in Ballantyne and Huntersville. John has been designated as a Certified Elder Law Attorney (CELA) by the National Elder Law Foundation and a Board Certified Specialist in Elder Law by the North Carolina State Bar.
John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.
John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.
John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
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