A “trustee” is a person who is responsible for managing the trust assets. Many individuals choose to name themselves as the trustee of the trust so they can exercise control over the trust during their lifetime. In addition, it is wise to add a successor trustee who will manage the trust assets if you ever become incapacitated or die.
When choosing a person to serve as your trustee or successor trustee, make sure you pick someone who is reliable and honest. The trustee has a vast amount of authority and will not be required to act under the court’s direct supervision.
Just recently, the individuals in charge of the estate of 104 year old heiress, Huguette Clark, have come under attack for some questionable dealings with her estate. A criminal investigation is pending regarding the attorney and accountant in charge of handling Clark’s money. The investigation is looking into the sale of her Stradivarius violin for $6 million and a Renoir painting for $23.5 million. Click here for the full article.
To learn more about successor trustees, please contact us. Please remember that each individual situation is unique and results discussed in this post are not a guarantee of future results. While this post may include legal issues, it is not legal advice. Use of this site does not create an attorney-client relationship.