Is a Corporate Successor Trustee a Good Choice?
Have you or someone you know been thinking about creating a trust, but are hesitant to give up control of financial decisions? It might not even be an issue. A grantor—the person who establishes the trust—can serve as their own trustee, at least until such time as they become incapable, unable or unwilling to serve in that capacity. But what happens when they cannot continue as trustee or decide they want to be free of the responsibility? That’s when choosing a “Successor Trustee” becomes a very important decision. “What often happens is that someone who has a trust and is the trustee retires and decides to travel or live part of the year in another part of the country. When they reach the point where they no longer wish to serve as trustee, we begin serving as the Successor Trustee. We watch over the investments, pay bills, keep the local home maintained, and provide regular reports to the grantor. It makes their lives easier and they are free to go where they choose without worry
