By Libby Banks, The Law Office of Libby Banks, PLLC
For most of our clients, the estate plan centers on the Revocable Living Trust. When establishing your Trust, one of the most important decisions is who will be your successor Trustee. During your lifetime and while you have mental capacity, you serve as the Trustee. If you are incapacitated, or upon your death, your Trust appoints a successor trustee to step into your shoes to carry out your wishes.
Making Sure Your Trustee Understands the Job
When selecting your Successor Trustee, it’s important that you assure yourself that they understand what they will be called upon to do. Whoever you choose, be sure to ask them if they are willing to serve. Next, be sure they understand the role they may play.
Serving as Trustee During Your Incapacity
The first time your successor trustee may serve is if you are incapacitated. Make sure your trustee realizes that they may begin to serve while you are still alive but unable to manage your own finances, and that they know what you want. The job of Trustee during incapacity could be a short stint or a long haul. Be sure your Trustee is up for the task either way.
Serving as Trustee to Administer Your Trust After Death
Your Successor Trustee will also wrap up your financial affairs at your death. Assure that your Successor Trustee understands what types of property they may have to administer. Will they be selling a house here and in another state? Do you own a business or rental properties? Have you inherited mineral interests? Do you have many different accounts and brokerage accounts — or Bitcoin? While you don’t have to disclose all your finances to your Successor Trustee, be sure they understand the extent of what they may have to address when they begin to serve at your death.
Serving as Trustee for Your Beneficiaries
Your Successor Trustee may also be managing a trust created on your death for one or more beneficiaries, especially if you have minor children. Talking you’re your trustee about what you expect and what your wishes are for your beneficiaries.
Take Advantage of Our Free Consultation — or our Trustee Training Webinar
Selecting a trustee and talking with them about your plan is important. If you need an estate plan or want a review of your current plan, take advantage of a free initial consultation with one of our three attorneys by calling the office at (602) 375-6752, or inquire through our website at https://libbybanks.com/schedule-estate-planning-meeting.
And if your trustee needs training, we are offering a webinar and workbook to train your trustee soon. For our Legacy Care Program Members, this is a free webinar. The fee for non-members is $450.
