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if you have a revocable living trust you've probably named yourself as the initial trustee so you can continue to manage your financial affairs but who should your successor trustee be this is tilden musketi of the miss kitty law group and before i forget if you'd like help putting an estate plan together give us a call at 888-224-9615 or visit us online at estateandlegacy.com eventually someone else will need to step in when you're no longer able to act due to incapacity or after your death your successor trustee plays an important role in the effective implementation of your estate plan so here are some of the critical parts to remember first because the successor trustees have a lot of responsibility they need to be chosen very carefully successor trustees can be an adult child a family member a trusted friend or a corporate or professional trustee now you may be asking what are the responsibilities of a successor trustee at the incapacity well if you become incapacitated your successor trustee will step in and take full control of your trust for you making financial decisions selling or refinancing property and completing other tasks related to your trusts accounts and property your successor may also be involved in paying bills and helping to ensure that you get the care that you need since your trustee can only manage the accounts and property that the trust owns it's important that you fully fund your trust for example transfer or retitle accounts and property into that trust after you die your successor trustee act similar to an executor of an estate the successor trustee takes an inventory of your accounts and property and they pay your final bills sells all the property that's necessary and has your final tax returns prepared and distributes your accounts and property according to the instructions in your trust like incapacity the successor trustee is limited to managing accounts and property that are owned by the trust so fully funding your trust is crucial your successor trustee typically acts without court supervision which is why your affairs can be handled privately and efficiently and probably one of the reasons that you have a living trust in the first place but this also means that it's up to your successor trustee to get things started and get them moving but here's an important consideration your successor trustee can do anything you could with your trust accounts and property as long as it does not conflict with the instructions in your trust document and does not breach the successor trustee's fiduciary duty it's not necessary for the successor trustee to know exactly what to do and when because an attorney a certified per public accountant or another advisor can help guide the successor trustee but it's important that you name someone who is responsible conscientious and willing to seek professional guidance when it's warranted so just who can be that successor trustee well a successor trustee can be an adult child a family member trusted friend or a professional or corporate trustee such as a bank trust department or a trust company if you choose an individual you should name of multiple backups in case your first choice is unable to or unwilling to act your successor trustee should be someone you know and trust whose judgment you respect and who you will also respect your wishes when choosing a successor keep in mind that the type and the amount of accounts and property in your trust and the complexity of the provisions in your trust document for example if you plan to keep accounts and property in your trust for your beneficiaries after you die your successor trustee will have more responsibility for a much longer period of time than if your accounts and property will be distributed all at once upon your death consider the qualifications of the candidates including personalities financial or business experience and the time available to family or career demands being a trustee can take a substantial amount of time and requires a certain amount of business sense be sure to ask the people you're considering if they would want this responsibility don't just assume that they'd take on this role trustees should also be paid for their work your trust document should provide for a fair and reasonable compensation i hope that you found this video helpful just rest assured that we can help you select educate and advise your successor trustees you're not alone and if you have any questions or concerns give us a call at 888-224-9615 or visit us online at estateandlegacy.com also if you like this video please like it and share it with others who may find it useful