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REVIEW YOUR TRUSTEE APPOINTMENTS

If it has been several years since you’ve created your revocable living trust, it would be a good idea to review your successor trustee appointments. Your successor trustee will have significant authority over your property in the event of your death or disability. It is vitally important that your successor trustee has sufficient knowledge and experience to do the job properly. Consider the following:

     •     Is your successor trustee still young enough to be able to handle the job?
    •     Do you have too many co-trustees? Co-trustees have to work together and all of them have to sign all of the documents involved, so having multiple co-trustees is cumbersome and can delay the settlement process.
    •     Does your successor trustee have knowledge and experience in investments; does he or she know when to ask for help.
    •     Does your successor trustee have the time to get the job done in a timely manner?
    •     Does your successor trustee have the highest integrity and can he/she act decisively?
    •     Is your successor trustee financially secure so as to reduce the risk of self-dealing.
    •     If you have multiple children and have appointed one child to serve as successor, will this drive a wedge between your children after your death?
    •     Should you appoint a professional trustee?

If you would like your successor trustee to be on my mail list to receive important notices and newsletters,call Shelley Roos or email your successor trustee’s name and address to sroos@rooslaw.com.