Trustee Basics  
 
Picking your Trustee:  When creating a living revocable trust, you may serve as your own trustee.  You may choose to ask a family member or trusted advisor to serve as Co-Trustee thereby helping manage your wealth in your golden years.  If you plan to pass your assets to your children you may well name a financially responsible child to the position of Co-Trustee.  Later, they can be sole trustee for their benefit.  Special considerations must be given to the election of successor trustees.  Talk the fine points with your estate planning professional.

 Avoid: Using Powers of Attorney in lieu of Trustees.  Some assets require specific powers of attorney.  Sales of stock certificates or private residence require a Power of Attorney that is at most 60 days old and specific to that asset.  The Power of Attorney method of money management may still require frequent and repeated petitions to the court by both the managee and manager. 

Avoid: Appointing conservators in lieu of trustees.  Trustees can be given much broader authority within a Trust document.  For instance, a conservator would be obligated to distribute equal shares, which may disadvantage a younger child still needing college or a dear child with a disability needing higher level of care.

 


 

TUTORIAL MAP

Net Worth:    < $300,000     Up to $1,000,000      1 to 5 Million      Over 5 Million

Life's Complexities that can be protected against
- Your beneficiary has an accident and is sued
- Surviving Spouse Remarries into fiscal irresponsibility
- Keeping your wealth in the family should your surviving spouse remarry
- Keeping your wealth in the family upon divorce of a beneficiary
- Surviving spouse needs both money and money management
- Surviving spouse has an accident and is sued


The Process we follow:      New Client               Probate                 Picking a Trustee

Some Helpful Information:     Definitions
                                                Additional Reading
                                                Frequently Asked Questions [FAQ]


  Home   About   Services   Tutorial   Contact   Map   Testimonial   Press   Partners   Website Terms of Use


. .