How Do You Choose the Right Successor Trustee for Your Revocable Living Trust?
A revocable living trust is an agreement between the owner of property which is placed into trust (the “Grantor”) and an individual or a professional fiduciary (the “Trustee”) who agrees to manage the property on behalf of the beneficiaries of the trust. Generally, you, as Grantor, are both the initial Trustee and the beneficiary of your revocable living trust. Once you are either deceased or no longer competent, the Successor Trustee steps in to manage all matters that relate to your trust. The Successor trustee would be tasked with managing the accounts and property owned by the trust, keeping all beneficiaries of the trust informed about the status of the trust, including what the trust owns, income that the trust has received and what expenses…
