Appointing your successor trustees is one of the most important aspects of creating a trust as part of an estate plan. The successor trustee is responsible for administering the trust after you pass. You are therefore placing your trust in this individual to carry out your goals and wishes with regard to your most valuable assets. As time passes, your idea of who should serve as a successor trustee may change. When this happens, it is the perfect time to modify your trust.
When should you modify your trust?
The following are ten of the most common examples of when you should consider such an amendment:
- Your successor trustee no longer lives locally. While it is not a requirement that a trustee live in California, it may be easier to carry out the trust administration if they are easily reached.
- Your successor trustee is aging or in poor health.
- Your successor trustee is no longer interested in serving in this role.
- You want to appoint a corporate trustee in order to avoid potential conflict with the beneficiaries or to make the administration process easier.
- You want to remove a corporate trustee because the size of the assets within the trust no longer justify paying professional trustee fees.
- You no longer have a trusting relationship with the person appointed successor trustee.
- You no longer feel confident that the successor trustee has the capability to serve as a trustee successfully.
- Your successor trustee is struggling with a drug or alcohol problem.
- You are no longer married to a spouse who was previously appointed successor trustee.
- Since first creating your trust, you have developed a relationship with someone who is willing and well suited to serve as a successor trustee.
For more information about when to modify your trust to change your successor trustees, view our free guide, The Ten Things You Must Know Before Creating (or Amending) Your Will or Trust. To learn more, contact an experienced Orange County trust amendment attorney for assistance. Call our office today at (714) 282-7488 for a consultation.