One of the most attractive benefits of a revocable living trust is that it gives you, the grantor, the capability to manage and modify it throughout your lifetime. But even still, you must plan for a time when you are, unfortunately, no longer around or when you, sadly, no longer have the mental capacity to hold such authority over your estate and financial matters. In other words, one major component necessary for establishing your trust is to appoint a successor trustee. Continue reading to learn what characteristics to look for when selecting a successor trustee and how an experienced Broward County trust lawyer at The Probate Lawyers can help you in this determination.
Who is allowed to be my successor trustee in the state of Florida?
Simply put, the successor trustee of your revocable living trust may be any individual whom you trust. Of note, this is a contrast from the Florida laws surrounding who is allowed to be the personal representative of your probate estate; which must be an individual who resides in the state or who is otherwise related to you. With that being said, you may choose any of the following trusted individuals to take on this role:
- Your adult child who is at least 18 years old.
- Your immediate or extended family member.
- Your friend whom you have considered like a family member.
- Your professional advisor whom you have sought guidance from throughout your lifetime.
It may also be worth considering selecting two or more successor co-trustees for your trust. This may be helpful, for example, if one trustee passes on, becomes incapacitated, or otherwise becomes unable or unwilling to assume this position. Or, it may be beneficial if you prefer to adopt a “checks and balances” system within your estate administration proceedings.
What characteristics should I look for when selecting a successor trustee?
In addition to being an individual whom you trust, you must also consider the following characteristics when selecting a successor trustee for your revocable living trust:
- Someone you believe to be willing to take on the responsibilities of a trustee, with or without compensation.
- Someone you believe to exercise good judgment in handling your outstanding financial matters when you no longer can.
- Someone you believe to be selfless in their efforts to administer your estate in the terms and intentions set out in your trust.
- Someone you believe to be of good health and a young age, in the hope that they can live to see the day their duty is instated.
We understand that you may be intimidated by the process that lies ahead of you. But one way that this may be made easier is by having a skilled Broward County estate lawyer stand by your side throughout. So please reach out to The Probate Lawyers at your earliest possible convenience.
