Sometimes our new clients at Clarity Legal Group show up with a clear idea of all the people they want to serve as responsible parties in carrying out their estate plan. Other times, counselling with clients to identify the best choice is a big part of the planning process. In any event, the decision of who to choose for these roles is one of the very important choices in a comprehensive planning process.
While and Estate Plan is built around a revocable Living Trust, the people who create the trust — the Grantors or Settlors — usually serve as Trustee for themselves. The choice of who will take over for them when they can no longer serve as Trustee in one of the big choices. The Trust Agreement will contain provisions regarding what will happen upon the trustor’s incapacity and death, including who will serve as Trustee. It can sometimes be a challenge to make this choice years in advance. Of course circumstances change, and often a client’s best choice in one year will no longer be the best choice in the future. This article examines the various considerations that should be made when naming a trustee. Read on to learn more.