Who Else Can I Name as Successor Trustee?
Other than your own adult children, you may have a close friend or relative that could be a great fit to serve as your Successor Trustee. If you have any minor children or children with special needs, your Successor Trustee may have to be responsible for managing a trust for the care of your children for a long time. Again, it would be important to find someone that you trust completely, who is dependable and honest, and someone that is willing to take on such a task.
If you do not have someone in mind or aren’t sure about who to choose, another option to consider is choosing a corporate trustee. A corporate trustee is typically a bank trust department or a trust company that can perform the duties of a trustee. They can either serve as sole trustee or can also be named co-trustee with someone else that you may name. While there is an expense that comes in choosing a corporate trustee to manage your estate, it often times makes the most sense to ensure that things are properly handled and to avoid any potential conflicts that may arise by choosing individuals in your family or circle of friends to take on this very important role.
Have you set up your estate plan yet? If not, we can help. And, if so, we encourage you to get your estate plan reviewed-including a review of whom you’ve named as Successor Trustee and whether or not that choice still makes the most sense.
If you are in the Los Angeles or Orange Counties of Southern California, we welcome you attend one of our upcoming free Living Trust Seminars to learn more about our law firm-the Law Firm of Kavesh, Minor & Otis. We have been servicing the estate planning needs for over 37 years. We even have a plain-English guide to assist you and your Successor Trustee when the time comes-our unique Successor Trustee Manual. You can find out more by attending our seminar. To register online, rclick here or contact our main office at 1-800-756-5596. If you are unable to attend an upcoming seminar, please feel free to join our e-mail list and we will be sure to e-mail you of future seminar dates.
