Why You Should Appoint a Successor Trustee

When it comes to managing your assets, it’s crucial to appoint people that you trust to have a hand in the process. This is where a successor trustee can be invaluable. These individuals are confidants that assume control of your living trust should you pass on or become incapacitated in some way. However, as common as it is to elect a successor, people aren’t always aware that they should do so when setting up their trust. Here, we’ll dive into the top reasons why you should appoint a successor trustee.

Ensures Continuity

During the process of creating a trust, you will likely choose someone whom you trust to manage the assets throughout your life. However, it’s essential that you also consider what will happen if your original trustee becomes unavailable or can no longer fulfill their duties. By appointing a successor trustee, you ensure that the trust’s management can continue in the event of death, disability, or resignation.

Provides Flexibility

Appointing a successor trustee also provides flexibility in terms of who can manage the trust. For example, if your initial trustee is a family member or close friend, changes in their circumstances can lead them to be unable to fulfill their duties. With a successor trustee, you can appoint a professional trustee or another trusted individual who is better suited to manage the trust in the future.

Prevents Legal Disputes

In some cases, the trustee may be in a legal dispute with the beneficiaries or may even pass away before the trust is fully administered. In these circumstances, having a successor trustee appointed in the trust document can prevent legal disagreements, ensuring that the trust can continue to operate as you intended it. Successor trustees can enact your wishes with an objective view.

Saves Time and Money

Another key reason why you should appoint a successor trustee is the time and money you save in the long run. Without a successor trustee, the trust may have to go through court to appoint a new trustee, which can be a lengthy and costly process. By appointing one of these individuals yourself, you ensure that the new trustee can take on their responsibilities in a timely and cost-effective manner.

Gives You Peace of Mind

Above all, appointing a successor trustee provides peace of mind knowing that your assets are in good hands even when you’re gone or unable to manage the trust yourself. It also ensures that your beneficiaries receive their inheritance per your wishes.

Appointing a successor trustee should be a critical consideration when creating a trust. Not only is it great for ensuring someone can effectively manage your assets, but it’s also essential for giving you peace of mind in your later years. To make the most of your trust planning process, consider reaching out to Vancouver Wills and Trusts. As a team of probate lawyers in Vancouver, WA, we know how to organize documents that meet your exact needs while reducing the likelihood of your trust going through probate. Work with us to ensure that you have a succession plan in place for when you need it.