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Why naming a successor trustee is so important

| Dec 9, 2020 | Trusts |

Many people in the Greenwich area have created a trust as part of their estate planning. A revocable living trust is a good way for a family to protect their assets and their family’s future. A successor trustee is an important part of a revocable living trust. This is an important role and a person creating a revocable living trust should understand its implications.

Role of a successor trustee

A successor trustee has several responsibilities when the trust owner passes away. These can include:

  • Distributing all assets in a trust to beneficiaries
  • Keep trust running after a death. This may happen if the beneficiaries are not of a certain age.
  • Make distributions to a guardian for the care of minor children.

Naming a trustee

Certain things to consider when naming a trustee include:

  • Capable of carrying out duties
  • Having more than one trustee named
  • List successor trustees in case the main trustee dies
  • Keep in mind the roles a trustee may serve

A legal professional who is skilled in trusts can be a good advocate for their client and their estate planning needs. They will take the time to understand their client’s financial objectives for the disbursement of assets upon their death and make sure they have a comprehensive plan in place. A trust can give a person increased control of their assets and how they are distributed. There is a broad array of trusts that can resolve specific needs and an attorney has the skills to make sure their client’s needs are met both now and into the future.

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