Establishing a revocable living trust is an important step in creating a comprehensive estate plan. In this process, one of the most critical decisions is the selection of a Successor Trustee.
A trustee is responsible for carrying out the trust’s wishes, protecting trust assets, and ensuring a fair and orderly distribution to beneficiaries. This role demands diligence, integrity, and impartiality. A Successor Trustee is the individual or institution designated to take over these responsibilities if the original trustee becomes incapacitated or passes away. As the role of a Successor Trustee involves significant authority and responsibility, the decision should be made with careful consideration.
In most cases, an individual (such as a family member, trusted friend, or advisor) or an institutional trustee (such as a bank or trust company) may be appointed. An experienced estate planning attorney can guide you in selecting the most appropriate choice.
It is prudent to name one or more alternative Successor Trustees in the event that the initial choice is unwilling or unable to serve to ensure uninterrupted trust management. A trust without a specified trustee willing and able to serve can cause problems, and necessitate court involvement, which defeats one of the primary objectives of a revocable living trust.
Circumstances change, and the person or institution best suited to serve today may not be the best choice in the future. It’s essential to review your trust and trustee designations periodically, particularly after major life events, and make updates as needed.
Selecting a Successor Trustee is a decision that carries lasting implications for your estate and your beneficiaries. By carefully weighing the qualifications of potential candidates—whether individuals, institutions, or a combination, you can help ensure that your trust is administered with professionalism, fairness, and fidelity to your intentions. Thoughtful planning today will provide loved ones with clarity and stability when it matters most.
This material is provided by Chauvel & Glatt and is designed to provide informative and current information as of the date of the post. It should not be considered, nor is it intended to constitute legal advice. For information on your particular circumstance, please contact Chauvel & Glatt at 650-573-9500.
