If you have a revocable living trust, you probably named yourself as trustee so you can continue to manage your own financial affairs, but eventually someone will need to step in for you when you are no longer able to act due to incapacity or after your death. The Successor Trustee plays an important role in the effective execution of your estate plan.
The Key Takeaways:
o Because successor trustees have a lot of responsibility, they should be chosen carefully.
o Successor trustees can be your adult children, other relatives, a trusted friend, or a corporate or professional trustee.
Responsibilities of A Successor Trustee
At Incapacity: If you become incapacitated, your successor will step in and take full control of your finances for you–paying bills, making financial decisions, even selling or refinancing a