Can a Successor Trustee be designated in case my Trustee becomes unable to serve?
This edition of the Koldin Report E-Newsletter is part of a series on questions we received from our “contact us” form on our website about Elder Law, Estate Planning and Medicaid.
All prior newsletters are saved on our website. You can read them by clicking here.
In this newsletter we answer the following question posed by a visitor to our website:
Is it possible to have a back-up or an alternate Trustee in the event my current Trustee is unable to carry out his/her duties?
Both Irrevocable and Revocable Trusts have great flexibility on who you appoint to serve as Trustee and Successor Trustee. You can appoint more than one Trustee to serve. You can require all Trustees to act jointly or you can allow any one Trustee to act alone.
You can designate who you want to serve as Successor Trustee. You can designate one or more Successor Trustee(s).
Also, if you have more than one Trustee, you can provide that your Successor Trustee(s) only serve if all original Trustees become unable to serve or you can provide that your Successor Trustee(s) are to serve with all remaining original Trustees if any one original Trustee becomes unable to serve.
You can even have an order of Successor Trustees. For example, you could appoint your son, John, to serve as Trustee, your daughter, Martha, to serve as 1st Successor Trustee, and if Martha becomes unable to serve, your son, Michael, would serve as 2nd Successor Trustee.
Living Trusts can be customized to meet your wishes regarding who you want to serve as your Trustee(s) and Successor Trustee(s). Trusts can even be prepared to allow for designated Successor Trustees to be changed in the future.
For more information about Trusts, please see our website by clicking here.
At the Koldin Law Center, P.C., located in East Syracuse, New York, we have over 50 years of experience helping individuals plan for immediate crisis and long term care. Our attorneys are available to discuss your estate planning options, including the advantages and disadvantages of Revocable Trusts and Irrevocable Trusts, along with other estate planning considerations including a Will, Power of Attorney, and Health Care Proxy. We do not charge a fee for the initial consultation. We welcome your children, family attorney, accountant, and/or financial planner to be present at the initial consultation.
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