Have you chosen to create an irrevocable or revocable living trust in California? Our Pasadena area estate planning attorneys can help.
There are many different trusts to choose from, and your ultimate selection will depend on your individual goals. When you create a trust, you will need to name the person, known as the trustee, responsible for managing the and distributing trust assets. The trustee has important fiduciary obligations to the beneficiaries of the trust, so it is wise to choose someone you feel has clarity and a high level of responsibility and communication skills. Your chosen trustee should also know what’s expected of them so it’s not a surprise for them to take over this role.
In case something happens to the trustee, you will need to name a successor trustee. Doing this in advance will allow for the immediate transition of management powers over to the successor trustee if something happens to the original trustee. The successor trustee is then able to take over to manage assets when the original trustee can no longer do so.
Trustees and successor trustees must be reliable, honest, and proactive. They can also be held personally liable for omissions or major mistakes, such as improper distributions or unpaid taxes. Carefully consider who you want to name as a trustee and a successor trustee to protect your interests and theirs.
Need help setting up your own trust or reviewing your options for a trust? Contact a Pasadena estate planning attorney today.
