What is a Successor in My Estate Plan?

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When creating a trust, it is important to think about the assets you’ll place inside the trust, as well as any other key parties who have responsibility for administering that trust now or in the future. When you establish the trust, you must name trustees who will manage the assets. But it is also a good idea to name a successor trustee, and these people will be able to take over if the original trustee is unable to serve or is incapacitated.

Having discussions with anyone you intend to install in a trusted successor role is important to verify that they have the right discretion to make important financial decisions. A trustee should also be familiar with everything you expect of them as this can be a significant responsibility. The trustee has a role of interpreting the wishes of the individual creating the trust.

It is very important to name someone you trust and someone you can talk to about the goals of the trust. The establishment of a proper document is also important, since your trustee will use this as their guideline for determining how to distribute or manage assets. The clearer you can be when creating a trust document and trust instructions, the more likely it is that your trust will be protected and passed on to the beneficiaries as you intend. Even if you do not use a trust, you’ll still need to name a successor in the form of an executor or a personal representative.

An estate planning lawyer in Pasadena can help you to review all key components of your estate plan to confirm that you have considered the most important aspects.

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