Who can be successor trustees?
Successor trustees can be individuals (adult children, other relatives, or trusted friends) and/or a corporate trustee. If you choose an individual, you should name more than one in case your first choice is unable to act. However, family and friends may not be a good choice…they may be too busy, live too far away, or not be responsible or experienced enough to manage trust assets. You may want to consider a private professional fiduciary or a corporate trustee.
Successor trustees cna be individuals (adult children, other relatives, or trusted friends) and/or a corporate trustee. If you choose an individual, you should name more than one in case your first choice is unable to act. Does my trust end when I die? Unlike a will, a trust doesn’t have to die with you. Assets can stay in your trust, managed by the person or corporate trustee you have chosen, until your beneficiaries (including minor children) reach the age(s) you want them to inherit. You may also want your trust to continue so it can provide for a loved one with special needs. How can a living trust save estate taxes? If you die in 2005 and the net value of your estate (assets less debts) is more than $1.5 million, federal estate taxes (starting at 45%) must be paid. If you are married, your living trust can include a provision that will let you and your spouse leave up to $3 million estate tax-free to your loved ones, saving $705,000. Doesn’t a trust in a will do the same thing? No
