Two weeks ago, we started a three-week series about the role of successor trustees. Click here to read part one. Then, click here to read part two. This week, we conclude the series by examining.
An estate plan that includes a revocable living trust protects you and your loved ones upon your passing or in the event you are unable to manage your own affairs. As opposed to other estate planning options, a revocable living trust gives you the ability to keep control of and enjoy your accounts and property during your lifetime and to maintain privacy. Such plans may save your loved ones the time and financial burden of going through probate. To ensure that your estate plan works as it should when you are no longer capable of managing your own affairs, assign backup successor trustees who understand their roles, duties, and responsibilities, and where to go for help.
Discuss your Estate Plan with Successor Trustees
Next, discuss your estate plan with successor trustees. Whether a family member, close friend, or professional trustee, keep communication open and honest. Tailor this conversation to meet your needs and your comfort level.
Keep a majority of the details private until your death, Start the conversation with successor trustees. Let your loved one or corporate trustee know about your choice. Also, inform them where to find the necessary documents. And explain which advisors they should contact upon assuming the role. These include estate planning attorneys, certified public accountants, financial advisors, or insurance agents). This protects successor trustees from being surprised by their new roles.
Plan Overview for Successor Trustees
To disclose a little more information, give your successor trustees a general overview of your estate plan. Also, discuss who will receive the accounts and property. But do not disclose exact amounts. Communicate the goals of your estate plan. Also, alert your successor trustee to any special circumstances they should address.
Access to Success Trustees
Lastly, if you decide that you want to grant full information access, be ready to step in at a moment’s notice. You could sit down with your successor trustees and review documents. Depending on your comfort level, involve the rest of your loved ones. We will be happy to facilitate and answer any questions that may arise.
We Are Here to Help
By including a Revocable Living Trust (RLT) in your estate plan, you have taken the first step. No one knows what the future holds. So, now is the time to start discussions with your successor trustee. Share your wishes and intentions. We are available for in-person or virtual meetings to help facilitate these discussions. Call today so we can help you and your loved ones prepare for the next phase of the estate planning process.
About Skvarna Law in Glendora and Upland, California
Skvarna Law Firm operates offices in Glendora and Upland, California. We provide legal services. We cover San Bernardino, Los Angeles, Orange, and Riverside Counties. This includes several cities. Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Pomona, La Verne, Montclair, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
