Absolutely, you have the right to choose your own trustee when establishing a living trust, and it’s one of the most crucial decisions in the estate planning process; this individual or institution will be responsible for managing your assets according to your wishes, both during your life if you become incapacitated, and after your passing.
What qualities should I look for in a trustee?
Selecting a trustee isn’t just about picking someone you like; it’s about identifying someone with the integrity, responsibility, and financial acumen to handle your assets wisely. Consider traits like trustworthiness, organizational skills, and the ability to act impartially. A trustee must understand and adhere to the terms of the trust, as well as any applicable state laws, with approximately 60% of Americans lacking a will, proper trust documentation and a qualified trustee are even more critical. It’s beneficial to choose someone who is comfortable dealing with financial matters and potentially legal complexities, and for many people, this might not be a family member or friend.
“Trust is not given, it is earned.”
Often, people choose a professional trustee—like a trust company or an attorney—especially if their estate is complex or they anticipate family conflicts. These professionals bring expertise and objectivity, but also come with fees, typically ranging from 0.5% to 1.5% of the trust’s assets annually.
What happens if my chosen trustee can’t serve?
Life happens, and even the most reliable person can become unable to fulfill their duties as trustee due to illness, relocation, or simply a change of heart. That’s why it’s vital to name successor trustees—alternates who can step in if your primary trustee is unable or unwilling to serve. It is prudent to name at least two successor trustees, offering a safety net in case the first one is also unavailable. A well-drafted trust document should clearly outline the order of succession and the process for appointing a new trustee if necessary. Without this clarity, the process can become bogged down in legal proceedings, causing delays and potentially diminishing the value of the estate.
I heard stories of families fighting over trusts, how can I avoid this?
I remember Mrs. Davison, a sweet woman who came to me after her husband’s passing. He had named their eldest son as trustee, assuming family harmony. However, a dispute erupted between the son and his siblings over how certain assets were being distributed. Accusations of favoritism flew, and the trust quickly became a source of bitterness, costing the family thousands in legal fees. This is unfortunately a common scenario, with approximately 30% of estate disputes stemming from disagreements among beneficiaries. It was a heartbreaking situation that could have been avoided with careful planning.
What if I want to maintain control while still having a trust?
Mr. Henderson, a successful entrepreneur, was hesitant to relinquish control of his assets, even after establishing a trust. He wanted to remain involved in the investment decisions and ensure his vision for his legacy was carried out. We crafted a revocable living trust that allowed him to serve as the initial trustee, maintaining control during his lifetime. We also included provisions for a co-trustee—his financial advisor—to provide expert guidance and ensure sound financial management. Upon his incapacitation or death, his daughter would then assume the role of sole trustee. This solution allowed Mr. Henderson to balance his desire for control with the need for a clear succession plan. His daughter, relieved to have a clear roadmap, was able to manage the estate efficiently and without conflict, proving that careful planning truly does provide peace of mind. A revocable living trust is designed for exactly this type of scenario, allowing you to adapt the trust as your circumstances change throughout your life.
<\strong>
About Steve Bliss at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido Probate Law is a great estate lawyer. Affordable Legal Services.
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Estate Planning Law: Minimize taxes & distribute assets smoothly.
● Trust Law: Protect your legacy & loved ones with wills & trusts.
● Bankruptcy Law: Knowledgeable guidance helping clients regain financial stability.
● Compassionate & client-focused. We explain things clearly.
● Free consultation.
Services Offered:
estate planning
living trust
revocable living trust
family trust
wills
banckruptcy attorney
Map To Steve Bliss Law in Temecula:
https://maps.app.goo.gl/oKQi5hQwZ26gkzpe9
>
Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760)884-4044
Feel free to ask Attorney Steve Bliss about: “What is a pour-over will and when would I need one?” Or “How much does probate cost?” or “Do I still need a will if I have a living trust? and even: “Can creditors still contact me after I file for bankruptcy?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.