Category: Successor Trustee
“If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.” Neglecting to fund trusts is a surprisingly common mistake, and one that can undo the best estate and tax plans. Many people […]
“One of the most fundamental choices you can make as you’re thinking about how to pass your assets on to heirs, is whether you hold assets in a revocable trust or more simply give them via a will. Both approaches have advantages, although trusts can provide significantly more benefits.” Having a structure in place that […]
“I am named successor trustee in my parents’ trust. When the time comes, how do I sell the home and the other assets?” This is a common concern of people when they learn they have been named as a successor trustee, says nwi.com in the article “Estate Planning: The role of a successor trustee“. The […]
When a current trustee is unable to serve, the vacancy is filled by a successor trustee. What happens if a trustee is no longer able to carry out their trust responsibilities? After the initial trustee passes away, or becomes incapacitated, someone else should be designated as the successor trustee. However, the successor trustee often does […]
