Willie Elder Law in Austin concentrating in Estate Planning, Medicaid, Medicare, and Veteran’s Assistance. Email bwillie@WillieElderLaw.com or call (512) 478-0834.
WHO SHOULD BE THE TRUSTEE OF MY LIVING TRUST?
Most people are their own initial trustees of their trust. In the case of couples, both may serve together as initial trustees. When one has died or can no longer act, the other person simply takes over as sole trustee.
Then, once both people have died or can no longer act, successor trustees would have been named in the trust, who would act to carry out your wishes as established in the trust.
There are many important factors to consider when selecting successor trustees. For instance, do you trust the person to make sound financial decisions? Are they located in an area where it would be easy for them to act on your behalf?
You should meet with an experienced estate planning attorney for advice on how to choose successor trustees. Choice of trustees can be one of the most important decisions of any good estate plan.
Choosing the right trustee to act on your behalf is very important. Your trustee should have considerable authority and responsibility and will not be under direct court supervision. You might choose a spouse, domestic partner, adult child, any other relative, family friend, business associate, or professional fiduciary to be your trustee.
By: Valencia on August 25, 2008
at 1:25 pm
Thank you, Valencia for your comment. We appreciate your insight.
Willie Elder Law Firm
By: willielaw on August 27, 2008
at 6:46 pm