How to Choose a Trustee

by | Mar 8, 2023 | Estate Planning | 0 comments

Creating a revocable living trust requires the assistance of two people: a successor trustee who will manage and distribute your properties and assets following the rules of your trust and a Pasadena trust lawyer at Barilari & Williams.

Typically, the initial trustee of a revocable living trust is the person who creates it. A new “successor” trustee assumes the trust upon that person’s demise. Typically, the person who makes the trust names the successor trustee when the trust is established.

Choosing a replacement trustee might be your most crucial estate planning choice. The successor trustee must handle taxes, obligations, and the distribution of the remaining trust assets. While the decedent’s loved ones are still grieving their passing, much of this is completed.

How Do You Make the Best Decision?

Family conflicts frequently don’t surface until after the person who formed the trust has died since many people wish to avoid family arguments. Individuals generally name their spouse, an adult child, or another family member to serve as the successor trustee.

Your most incredible option to be your replacement trustee may be a family member. Every circumstance is unique. Asking and receiving the correct answers to the following questions can help you pick your replacement trustee:

  • Is the person you’re picking financially responsible and independent?
  • Is this guy a rule follower?
  • Is this individual friendly and suitable for your other beneficiaries?
  • Does this individual have the time to manage their trust adequately?
  • Would this individual seek the assistance of an accountant or an accountant for crucial professional services?

What Options Exist for Successor Trustees?

You have a few options if you do not personally know a dependable relative or close friend who is competent to act as your successor trustee, including:
A California Licensed Professional Fiduciary (LPF) may be chosen to serve as your replacement trustee.

As your replacement trustee, you might name an Institutional Trustee, such as a bank or another financial organization.
Your revocable living trust might include one or more successor co-trustees managing and supervising it.

Professional fiduciaries in California are subject to licensing and regulation by the Department of Consumer Affairs. An LFP will bill clients for their services. Institutional Trustees are generally trustworthy and dependable; however, some do not manage smaller estates and demand a fee.

Make an Appointment – Now – Using a Pasadena trust lawyer

When you are making plans, good legal guidance is essential. A Barilari & Williams trust lawyer in California can help you create a revocable living trust and guide you as you choose your successor trustee by helping you carefully weigh your alternatives.

We have more than ten years of combined expertise providing dependable legal services and wise estate planning guidance to customers in Southern California.
Your initial appointment with a trust lawyer in Pasadena is free of charge. Call the Pasadena or Long Beach offices of Barilari & Williams at 888-EST-PLAN for additional information about revocable living trusts and successor trustees or to create or review your revocable living trust.