What Does the Successor Trustee Do?
If you are to become ill or incapacitated, then the Successor Trustee would effectively do exactly what you would do if you were alive. They would be sure to arrange for your proper care, make sure that your bills are secured and being paid on time, and manage your estate as you would. If you were to pass away, the Successor Trustee would then be responsible for proper distribution of your assets to your beneficiaries as you have instructed them to be distributed in your Living Trust. They would communicate with the beneficiaries, as well as your estate planning attorney, to help ensure that your wishes are carried out according to your wishes.
What if You’re Able to Manage Your Own Affairs Again?
Thanks to modern medicine and a variety of circumstances, you may be able to regain capacity and manage your own affairs again. In our Living Trust, we have what is known as a “come back in” provision. This will allow you to reassume the role as Trustee of your own Living Trust again and the Successor Trustee would step aside until needed again.
If you are located in Southern California and have not had a Living Trust prepared, we encourage you to attend one of our FREE Living Trust seminars to learn more about how our law firm is helping thousands of clients and their loved ones. If you do have a Living Trust already (whether prepared by our firm or not), we recommend that you have your trust reviewed every so often to ensure that your Living Trust is up-to-date with both your wishes, as well as planning strategies. At the very least, you may wish to review who you’ve named as Successor Trustee and ensure that you have the proper person (or persons) to step in when the time comes in.
To view our seminar schedule, click here.
