Who Should You Designate as Your Successor Trustee?
What happens after we die? I mean what happens to our money and our assets after we die? You set up a trust but if you live in Bradenton or any town in Florida that actually is not enough. Due to Florida Trust Code, you need a successor trustee and they are obligated to follow procedures and deadlines. The successor trustee is legally responsible for administering what is stated in the trust. However, being a successor trustee can be really confusing under the Florida Trust Code. To aid the successor trustee, an elder law specialist firm can be there to help and oversee the legal handling of the decedent’s trust.
Choosing your successor trustee is an important decision. Your successor trustee is not necessarily the person you are closest with, moreover the person you trust the most in your life. Trust administration is not an easy task so you want to make sure that your successor trustee is someone who is not going to cut corners and truly cares to divide your assets like you want. Especially if you live in an area like Bradenton, Florida where the Florida Trust Code is enforced. There are legal procedures that the successor trustee will have to follow and if they do not, it could get the successor trustee into a lot of trouble with the law. You can help your successor trustee by hiring an elder law specialist who will help with trust administration. Your successor trustee will still be in charge of everything, but the law firm will just help with deadlines and legal advice.
Your successor trustee should also be someone in good health. Avoid putting a spouse or close friend who is older and may not be capable of trust administration. It is an honor but it can also be a burden. Also consider how your trust successor handles greif. If there is a family member or friend that is going to be absolutely beside themselves at your loss, avoid making them the trust successor. The trust successor should be able to move forward with important trust administration duties as soon as possible.
Has anyone come to mind after reading this? Choosing a successor trustee is not an easy decision but it is important. Try choosing someone in good health who you trust whole-heartedly. Get in contact with a law firm that specializes in elder care as well. This will help alleviate the stress of the successor trustee’s job. Now you can really know what will happen to your money after you die.
Jame E. Johnson Elder Law provides high quality trust administration legal services in Bradenton.