How Do I Choose a Successor Trustee?

A revocable living trust is an estate planning document in which you give someone else the authority to make decisions about the money and other property that you have transferred into the trust. This “someone else” is known as a successor trustee. Follow along to find out how to choose a successor trustee and how one of the proficient Butler County trust attorneys at Heritage Elder Law & Estate Planning, LLC can help you make this very important decision.

By definition, what is a successor trustee?

To define it further, a successor trustee is an individual or a financial institution who takes over the management of money and other property placed in your revocable living trust when you have, unfortunately, passed on or otherwise become incapacitated. Individuals who are commonly appointed as successor trustees are namely adult children, extended relatives, and trusted friends. Then, financial institutions that are commonly summoned for this role are bank trust apartments and trust companies.

Of note, before your successor trustee gets the go-ahead to assume their position, you retain the capability to manage and modify your trust as you see fit. All the while, you set out a list of instructions to control the exact responsibilities of your successor trustee when the time comes.

How do I choose a successor trustee for my revocable living trust?

As you may likely conclude yourself, appointing a successor trustee for your revocable living trust is a major deal. Rest assured, you may ask yourself certain questions to conclude whether your decision is the right one. Such questions read as follows:

• Do I know my prospective successor trustee as someone loyal, honest, and trustworthy?
• Do I know my prospective successor trustee as someone who can follow instructions?
• Do I know my prospective successor trustee as someone who handles personal affairs privately and efficiently?
• Do I know my prospective successor trustee as someone who makes wise financial decisions for themself and their family?
• Do I know my prospective successor trustee as someone who handles paying the bills and filing the taxes for their household?
• Do I know my prospective successor trustee as someone who is unselfish in giving others what they are due?
• Do I know my prospective successor trustee as someone who can act without needing court supervision?
• Do I know my prospective successor trustee as someone who has security in asking for help (i.e., from your attorney, CPA, or other advisors)?

We understand that you may be intimidated by the process that lies ahead of you. But one way that this may be made easier is by having one of the Butler County estate planning attorneys stand by your side throughout. So please reach out to Heritage Elder Law & Estate Planning, LLC at your earliest possible convenience.