Should I seek assistance when I take on the role of successor trustee?

During a trust administration, some successor trustees are inclined to try and reduce costs by handling the process without assistance. In many cases, this may be a mistake. Successor trustees are entitled to seek guidance from professionals. It is wise to take advantage of this opportunity if the trust has the resources to do so.

Three Professionals Who Can Assist You During a Trust Administration

What types of professionals can help you during a trust administration? The following are three examples:

  1. An experienced attorney. A legal advisor can help ensure that you are complying with all of your legal obligations as the successor trustee of the trust. In addition, your attorney can assist you in carrying out all of the procedural responsibilities that come with a trust administration.
  2. A certified public accountant (CPA). A CPA is a valuable tool for a successor trustee because there are many tax driven decisions and responsibilities that are required during a trust administration. Such duties as filing tax returns, funding sub-trusts, and making decisions about allocations of trust income are often highly complex. Fortunately, these decisions can be guided by a tax professional.
  3. A financial advisor. One duty of a successor trustee is to invest the trust assets in a prudent manner. Unless you have a substantial background in financial planning and investment management, it is wise to seek assistance from someone who specializes in this field.

If you would like more information about fulfilling your duties as successor trustee, we encourage you to reach out. Send us an email today, or initiate a live chat.


James F. Roberts
Founder and owner of the Law Office of James F. Roberts and Associates, a premiere estate planning law firm