[LesPaul]

With the recent passing of my Successor Trustee (beloved brother), a new Successor Trustee is required. Our daughter would be perfect. Unfortunately, she (a working professional) and her family live in a foreign country which creates various law issues. Otherwise, all possible trustworthy family members have also passed. Would appreciate it if anyone would share their thoughts, suggestions, experience, or what was heard when a lawyer, bank representative, etc. was a Successor Trustee. Thank you.

[retiredguy123]

It depends on what you want the trustee to do. If you want them to make financial decisions for you while you are alive, it sounds like you want a power of attorney. Several lawyers have told me that they will not do that because of liability. If you want the trustee to manage your assets after you die, a lawyer or bank will do that, but they will charge the trust a lot of money. I am a trustee for a friend's trust who passed away, but wanted to fund her grandchildrens' college education. I don't charge the trust anything, but, if a bank were doing it, there would be a lot of charges for investment management, administration, tax returns, etc.

[Stu from NYC]

Originally Posted by LesPaul

With the recent passing of my Successor Trustee (beloved brother), a new Successor Trustee is required. Our daughter would be perfect. Unfortunately, she (a working professional) and her family live in a foreign country which creates various law issues. Otherwise, all possible trustworthy family members have also passed. Would appreciate it if anyone would share their thoughts, suggestions, experience, or what was heard when a lawyer, bank representative, etc. was a Successor Trustee. Thank you.

My suggestion is to talk to the person who did your will in the first place. I do not think my one course is contract law qualifies me to make specific suggestions.

[Boomer]

There are many different kinds of trusts. I assume you are talking about a revocable trust.

I think you are bringing up something that a lot of people need to think through — people who might need to adjust their trust’s language to write in a lineup of successor trustees to cover what happens if all your people are gone. And don’t forget that a successor trustee who is still living can resign as trustee if they can’t or don’t want to be in that position.

I was recently involved in a discussion of this exact topic. A financial person happened to be there and he said that while many banks have trust departments, he has seen banks bill and bill and bill, even when they were not doing anything.

Lawyers are going to bill, too, of course, but his opinion was that a trusted lawyer (oxymoron not intended — there really are some ) would be a better choice because they would bill when they do something.

If your trust is a directive to disperse assets right away with no ongoing management, a lawyer could be your best bet.

You really, really, really need to sit down with a lawyer who writes a lot of trusts or who might even specialize in elder law, and go through your trust, line by line, and figure this out……..

A lawyer who knows trusts will tell you if you have accounts where adding beneficiaries and/or transfer-on-death would be more efficient than running everything through a trust. (I think if you use those things, you could put the trust in as the last-in-line beneficiary so the trustee could then take over — but get legal advice to be sure about that.)

Although it might not be fun, it is plainly practical to sit down and work a trust through to “worst case scenario” — what happens if no heirs are left? What charities would you want to receive your assets then?

Read your trust carefully. Maybe make a copy to make notes on for questions or changes. Organize all those questions and then — go see a lawyer and get this done.

Boomer

[retiredguy123]

Note that a trust, unlike a will, is a private document. No court will be overseeing what the trustee does. So, make sure the trustee you select is someone who you actually trust to manage your assets.

[Michael G.]

Who Should Consider Setting Up a Trust?

[manaboutown]

Originally Posted by LesPaul

With the recent passing of my Successor Trustee (beloved brother), a new Successor Trustee is required. Our daughter would be perfect. Unfortunately, she (a working professional) and her family live in a foreign country which creates various law issues. Otherwise, all possible trustworthy family members have also passed. Would appreciate it if anyone would share their thoughts, suggestions, experience, or what was heard when a lawyer, bank representative, etc. was a Successor Trustee. Thank you.

OP, thank you for posting your conundrum. I face the same problem, finding a successor trustee for my RLT when necessary. Other than one first cousin in her mid 70s who has her hands full, for one reason or another no close individual family members are capable of managing my trust.

I am simplifying my holdings at some cost tax-wise. Most of my net worth has always been in real estate. Savvy real estate investors swap until they drop, as the old saying goes, using 1031 exchanges. Only a small fraction of my net worth has ever previously been in securities. As I found it necessary I reluctantly sold some of the real estate and moved the proceeds into securities as few trustees are ready, willing and able to manage commercial real estate. Fortunately cap rates were very low so I got top dollar which on balance helped me accept the tax consequences. My estate attorney referred me to a corporate trust company so I have named it as successor trustee. I checked them out with a couple people I know who have used them and other trustees. They said they are "OK". Corporate trustees tend to be "OK", not wonderful, yet expensive, but I have no other choice.

[dhsmith]

My wife just settled her mothers estate as her successor trustee and it was pretty simple.Your daughter should have no problem being your trustee you just need a attorney here to work with and advise her on what she needs to do.Your attorneys fees should be under $2000. Our attorneys fees were $ 1100. We used Eric Millhorn who had done our original trusts.
Hope this helps.
Bob

[PersonOfInterest]

Depending on the Grantor of the Trust and the type of Trust, why can't you become Successor Trustee? Depending on the type of trust it would probably be to everyone's advantage to disburse the assets and close the trust.

Much more information is needed. I also recommend you get a well versed trust attorney's guidance.

[bowlingal]

I had my attorney made my trustee. Everything is in a trust now, and all copies of paperwork are in my house. Two trusted friends have keys to my house and were instructed where to find these papers and my attorneys business card. My attorney charged $695 for the complete package including a DNR and living will

[Blackbird45]

We had a trusted establish years ago, I have a large blinder in my closet that I never read.
Just this week I had some changes made due to the fact of our present situation. Because of our age my wife needs special care and I'm her sole provider. Besides how our assets are to be divided, we were each other's Power of Attorney. We switch that responsibility to my daughter. It was a simple process; we didn't even have to go into the office. They met us by the car with the paperwork and two witnesses, once we signed what was needed, they returned what had to be replaced in our binder and a copy that was to be sent to my daughter.

[Worldseries27]

Originally Posted by retiredguy123

it depends on what you want the trustee to do. If you want them to make financial decisions for you while you are alive, it sounds like you want a power of attorney. Several lawyers have told me that they will not do that because of liability. If you want the trustee to manage your assets after you die, a lawyer or bank will do that, but they will charge the trust a lot of money. I am a trustee for a friend's trust who passed away, but wanted to fund her grandchildrens' college education. I don't charge the trust anything, but, if a bank were doing it, there would be a lot of charges for investment management, administration, tax returns, etc.

i'm your 10,000 thanker.
Thanks for the time and effort

[Daxdog]

Originally Posted by LesPaul

With the recent passing of my Successor Trustee (beloved brother), a new Successor Trustee is required. Our daughter would be perfect. Unfortunately, she (a working professional) and her family live in a foreign country which creates various law issues. Otherwise, all possible trustworthy family members have also passed. Would appreciate it if anyone would share their thoughts, suggestions, experience, or what was heard when a lawyer, bank representative, etc. was a Successor Trustee. Thank you.

You are going to base a decision that important on recommendations from people on a message board, people you don’t know and don’t really care!

[retiredguy123]

Originally Posted by Daxdog

You are going to base a decision that important on recommendations from people on a message board, people you don’t know and don’t really care!

Not necessarily. The OP may just want some opinions and experiences to consider before discussing the issue with a bank or an attorney who may not care either.

[Boomer]

Originally Posted by Daxdog

You are going to base a decision that important on recommendations from people on a message board, people you don’t know and don’t really care!

Oh, fer gawsh sake. And here we have it. Even took a whole day. I knew it was only a matter of time before the same old snark showed up in this thread.

I have to wonder if the snarkmeisters actually read the entire thread or just look at the opener and then post the usual tedious “advice” — I assume with the solo goal of trying to embarrass the OP and those who try to help by participating in the thread.

Readers should notice that nobody is giving legal advice here, but there is some helpful info being provided by some of us amateurs. That info could help the OP prepare for an appointment with a professional.

Ya know, there are lots of situations where time is money. When sitting down with a lawyer, being prepared with a list of pertinent questions and a working vocabulary can make those appointments better, all around.

There is a lot of life-experience among posters on this forum and sometimes they are willing to take the time to share it — if someone asks. For instance, I think retiredguy123 is really good about answering questions about money. If rtg123 pops up in a thread about investments, planning, etc., he gives good advice and direction, but never acts like a know-it-all.

Anyway, the critics need to lighten up. Who knows, maybe they might learn something.

This kind of thread is a only a starting point, and I bet that is what the OP is looking for.

Boomer