An important decision you make while completing your estate plan with LivingTrustify is who should serve as the successor trustee. When you complete your living trust, you are the initial trustee and only cease serving as trustee if you resign, become incapacitated or pass away.
What is a trustee?
The trustee manages assets you put in your living trust. Because you are the initial trustee, nothing changes in the way you manage your assets even when you put those assets in your living trust. If you can no longer serve as trustee during your lifetime, the trustee manages your assets on your behalf. Upon your passing, the trustee distributes your assets to your loved ones according to your living trust.
Who should you choose?
Not surprisingly, the trustee should be someone you trust! You should select someone that you trust will act in your best interest as well as the best interests of your loved ones who will receive your assets upon your passing. It is a good idea to talk to the person you name as trustee to make sure they are up to the task and would be willing to serve.
If you have any questions about this article or setting up your estate plan with LivingTrustify, don’t hesitate to contact us via chat, e-mail or phone.