Selecting the Right Successor Trustee: Key Considerations
Many estate plans include revocable living trusts that become irrevocable upon the trustmaker’s death. These trusts can provide for a surviving spouse and continue for future generations, so choosing the right successor trustee is a critical decision.
Will Your Successor Trustee Take Over Right Away?
Not usually. As the trustmaker, you’re likely to serve as the initial trustee while you're alive and capable. Your chosen successor trustee only takes over if you step down, become incapacitated, or pass away.
Is a Family Member the Best Choice?
While it's common to consider a spouse, adult child, or sibling as a successor trustee, they may not always be the best fit. Managing a trust requires time, attention to detail, and comfort with financial and legal responsibilities. In some cases, appointing a corporate or professional trustee—either alone or alongside a family member—can offer more stability and objectivity, especially in complex family situations.
Can Beneficiaries Change the Trustee?
It’s important to include provisions in your trust that allow beneficiaries or a trusted third party (like a trust protector or advisor) to remove and replace a trustee when necessary. This flexibility can help avoid court involvement and encourage cooperation between trustees and beneficiaries.
Next Steps
Choosing a successor trustee is one of the most important parts of your estate plan. If you’ve named family members in this role, we encourage you to contact our office to explore all available options and ensure your trust is set up for long-term success.