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[ Wed, Dec 18th 2024 ]: Kiplinger
You've Got a Trust: Now Who Should Be the Successor Trustee?
[ Wed, Dec 18th 2024 ]: India Today
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WSJ Crossword December 18 2024 Answers (12/18/24)

You've Got a Trust: Now Who Should Be the Successor Trustee?

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
You've set up a trust to protect your assets and your beneficiaries, but you still must choose the right person to execute your wishes. Here's how to do that.
The article from Kiplinger discusses the critical role of selecting a successor trustee for a trust, emphasizing the importance of this decision in estate planning. It outlines that a successor trustee steps in to manage and distribute trust assets if the original trustee can no longer serve due to incapacity or death. Key considerations include the trustee's ability to handle financial responsibilities, impartiality, and the potential for conflict of interest, especially if the trustee is also a beneficiary. The article suggests that while family members are often chosen for their familiarity with the grantor's wishes, professional trustees like banks or trust companies might be preferable for their expertise and neutrality, particularly in complex estates or when family dynamics could complicate matters. It also mentions the importance of discussing the role with potential trustees to ensure they are willing and able to take on the responsibility, and the possibility of naming co-trustees or providing detailed instructions within the trust document to guide the trustee's actions.

Read the Full Kiplinger Article at:
[ https://www.kiplinger.com/retirement/choosing-the-successor-trustee-of-your-trust ]