When clients decide to do a Living Trust or a Will, one of the questions they have to answer is who will be the executor or successor trustee?
For some, the answer is obvious. It might be a son or daughter. However, for many the question requires serious thought. One needs to consider not just who would be the best person (or bank or trust company) at the current time, but who will be the best when the trustee actually has to function. That may or may not be the same person or institution.
For some, the answer is obvious. It might be a son or daughter. However, for many the question requires serious thought. One needs to consider not just who would be the best person (or bank or trust company) at the current time, but who will be the best when the trustee actually has to function. That may or may not be the same person or institution.
The point of this blog post is to encourage people to think to the future as well as the present. It is relatively easy to provide in the Will and/or Trust for a specific trustee to serve based upon the timing of the necessity of service.
For example if the trustee or executor is required to serve within the next 5 years it shall be my friend Bob; however, if it is more than 5 years, it shall be my daughter Jill.
Experienced Wills and Trusts attorneys are helpful in assisting with the selection of the backup trustee and executor.
For example if the trustee or executor is required to serve within the next 5 years it shall be my friend Bob; however, if it is more than 5 years, it shall be my daughter Jill.
Experienced Wills and Trusts attorneys are helpful in assisting with the selection of the backup trustee and executor.
RSS Feed
