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Q.How do I choose a Successor Trustee?
A.Your choice of who should be your Successor Trustee is a personal decision. Your named Successor Trustee can be your spouse, adult child, domestic partner, a relative, family friend, business associate, or a professional fiduciary (licensed registered individual, bank, trust company, accountant, or attorney licensed in your state). You may also name co-trustees (one to look after the other). Whoever you choose, the person(s) should be extremely trustworthy, competent (either to handle the affairs himself and/or delegate the difficult tasks to the right professional), at least 18, and a resident of the state where you live. It is generally not wise to appoint two or more persons as Co-Successor Trustees. It is preferable to appoint your first choice as the primary Successor Trustee and another person as an alternate Successor Trustee.
This decision should not be made alone, and the person(s) you choose will often be dependent on your particular circumstances. We strongly suggest you discuss your options and choice with a licensed estate planning lawyer in your state.
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