Whats the purpose of naming a successor trustee in my living trust?
When you create your living trust, you obviously must name a trustee for it. However, you should also designate a successor trustee. According to “On Your Own,” 2nd Edition (Dearborn Financial Publishing, Inc., Chicago), “A living trust is a written agreement that is established while you are alive (thus the name ‘living’). Typically you name yourself as the primary trustee of your own trust and someone else (relative, friend, lawyer, financial advisor or bank trust department) to be the successor trustee. This successor trustee can distribute the assets in the trust if you die but also can act on your behalf if you become ill and are unable to manage your own affairs.” Will my beneficiaries have to pay estate taxes or go through probate if I set up a living trust? A revocable living trust allows you to “self-probate” your assets while you are alive and competent. The funding or retitling component of the revocable living trust process allows you, as the trust maker, to transfer your a
