3 minute read
Legal
What To Consider When Choosing a Trustee for Your Revocable Trust
By Libby Banks, The Law Office of Libby Banks
With the new year ahead of us, one of the things you might want to consider is putting in place an estate plan or updating the one you have. A great way to plan is with the Revocable Living Trust. When you establish your Trust, one of the most important decisions to make is who will be your successor Trustee.
MAKING SURE YOUR TRUSTEE UNDERSTANDS THE JOB
When selecting your Successor Trustee, it’s important that they understand what they will be called upon to do. Also, be sure you have asked them if they are willing to serve. This is very important! You don’t want a situation where the people you counted on to serve are saying they won’t.
UNDERSTANDING THE VARIOUS ROLES
OF YOUR TRUSTEE
Serving as Trustee During Your
Incapacity
There are several times a Successor
Trustee may be called to serve, including if you become incapacitated. Make sure your Successor Trustee realizes that they may begin to serve while you are still alive but unable to manage your own finances.
They should know they may be managing your finances to take care of you and anyone dependent upon you. The job of
Trustee during incapacity could be a short stint or a long haul. Be sure your Trustee is G ng away f the h idays? up for the task either way.
Serving as Trustee to Administer Your Trust After Death
Your Successor Trustee will also wrap up your financial affairs at your death. This could be a simple job, or very complicated, depending on what you own. While you don’t have to disclose all your finances to your Successor Trustee, be sure they understand the extent of what they may have to address when they begin to serve at your death. If it’s on the complicated side, talk about what they may be signing up to do. Will they be selling a house here and in another state? Do you own a business or rental properties? Do you have many different accounts and brokerage accounts or Bitcoin?
Serving as Trustee for Your Beneficiaries
Your Successor Trustee may also be managing a trust created on your death for one or more beneficiaries, including minors who cannot handle their own money. Talk to your Trustee about what you wish for your beneficiaries and how you want distributions handled.
TAKE ADVANTAGE OF OUR FREE CONSULTATION
Selecting a trustee and talking with them about your plan is important. If you need an estate plan or want a review of your current plan, I’m happy to help. We are happy to meet via Zoom, FaceTime, or phone for our free initial consultation. Give my office a call at 602-375-6752 or inquire through our website at libbybanks. com/schedule-estate-planning-meeting.
WE’LL CARE FOR YOUR PUP AS IF THEY WERE OUR OWN
Call us today to schedule your FREE Estate Planning Consultation
Our Estate Planning in Phoenix and Scottsdale is highly customized to meet your unique family situation, assets, values, and personal goals. Our complimentary first meeting allows you to get to know Libby, our Estate Planning attorney and talk about your unique situation and what plan will best fit your needs.
Remember, when you choose Libby you are not only hiring someone to prepare your Estate Plan, you are choosing a seasoned Estate Planning attorney to guide you through this often complex process and raise questions you might not have considered. You are choosing an experienced professional to create a plan that serves your family in the way that you want and, after you are gone, a trusted advisor that your loved ones can depend on.
Come see us in our new, convenient office located just down the street at 5010 E. Shea Blvd, Suite 205 Scottsdale, AZ 85254 602.375.6752 | www.libbybanks.com | libby@libbybanks.com
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