Estate Planning & Living Trusts

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33. Your living trust team (B)

3. The "successor trustee" will manage your trust according to your written instructions if the trustee is unable to act. So, if you and your spouse are co-trustees and something happens to both of you, or if you are the only trustee, your handpicked successor trustee will step in.

If you become incapacitated, your successor trustee looks after your care and manages your financial affairs for as long as needed. When you die, your successor trustee pays your debts and distributes your assets. All this is done quickly and privately, according to the instructions in your trust, without court interference.

Most people name an adult child, trusted friend or corporate trustee as their successor trustee.

4. The "beneficiaries" are the people and/or organizations who will receive your assets after you die.

 

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