When you create a living trust, an essential part of the process is to designate someone to be a successor trustee. While you are able, you can serve as the trustee, which gives you the ability to manage and access the property and assets in your trust. Should you become incapacitated or pass away, however, you will need to decide who you trust to take over the management. You should discuss your options with an experienced estate planning lawyer in Greensboro.
If you have a joint trust with your spouse, your spouse can serve as the trustee if something happens to you. However, you should always plan for when something happens to both of you. Some factors to consider include:
- Does the individual have the time to devote to trust management?
- Do you think they can act without bias or self-serving intentions?
- Is the person willing to manage the trust?
- Do you expect they will follow the instructions in the trust document?
- Does the individual have the knowledge and savvy to make investment decisions?
Just because you have an adult child does not necessarily mean they are the right choice. Some people are not interested in overseeing these tasks, and others might be tempted to misappropriate funds from the trust. If your adult child is not very responsible with money or does not have a lot of experience or time, you may want to consider someone else. There are many options, including a friend or even a professional trustee.
Contact Our Estate Planning Lawyer in Greensboro Today
At E.J. Boswell Law Office, we frequently help clients create trusts and select the right successor trustee. If you would like to meet and discuss your estate plan, you should not hesitate to consult with a Greensboro estate planning attorney. Call 706.454.0032 or contact us online for more information.