Successor Trustee
I am an 80 year old widow. I do have a will and a trust that I am comfortable with. I am currently reviewing the trust and I am confused about what a successor trustee is. My will names my sister as my executor but in my trust I have my successor trustee as Stifel Investments, my investment company. Does my sister become the trustee when I die? What does a successor trustee do??
Your video was so helpful. Thank you for understanding how confusing this can be.
Terry Says
I’m surprised that the attorney who created your estate plan listed a brokerage firm as your successor trustee. That’s never appropriate.
Let’s take a step back. You are the trustee of your Revocable Living Trust. If you cannot act, you’ve named your sister as successor. But what if she can’t act either? Presumably you are close in age, so it’s a real issue.
That’s why you should list a successor trustee after her, in case she cannot act. Typically, you’d list a trusted adult child one much younger trusted friend. If you have neither, the. You could consider naming a bank trust department, because though impersonal, they have a FIDUCIARY responsibility to do the right things with your estate.
But an investment firm, with no named trusted individual does NOT have a fiduciary responsibility nor do they have the expertise to carry out your directives.
How long ago did your create this estate plan? Did you re-name your major assets, such as your home and CDs into the name of the trust?
I’d suggest a review of your documents by someone else is in order to Maybe work with a Certified Financial Planner who is a fiduciary. Find one you can trust at this link:
https://www.terrysavage.com/pam-krueger-wealthramp/
And if this is still unclear, please write back to the email you receive saying your question has been answered.
