Making One of the Most Important Estate Planning Decisions
Choosing the right trustee and successor trustee is one of the most important steps in your estate plan. These individuals (or institutions) will be responsible for managing your assets, following your instructions, and ensuring your loved ones are cared for exactly as you intended.
At Generation Living Trusts, we guide families across Arizona and Utah through this critical decision with clarity and confidence.
Understanding the Role of a Trustee
A trustee is the person (or organization) who manages the assets placed in your Living Trust. They handle tasks like:
- Managing property and investments.
- Paying bills and taxes related to the trust.
- Distributing assets to beneficiaries according to your wishes.
- Keeping detailed financial records and reports.
If you create a Revocable Living Trust, you usually serve as your own trustee during your lifetime—giving you full control. The successor trustee steps in when you can no longer serve due to death or incapacity.
Qualities to Look for in a Trustee
When choosing your trustee or successor trustee, look for someone who is:
- Trustworthy and Responsible – They must act with honesty and integrity at all times.
- Organized and Detail-Oriented – Managing finances, taxes, and deadlines requires precision.
- Financially Literate – Some basic understanding of investments and accounting is essential.
- Emotionally Stable – A calm and objective personality helps reduce family conflict.
- Willing to Seek Professional Help – Trustees can hire accountants or attorneys to assist with complex matters.
Remember, you can also appoint co-trustees (two people or a person and a professional) to balance responsibility and oversight.
Should You Choose a Family Member or a Professional Trustee?
Each option has its pros and cons:
Family Member Trustee:
Knows your values and family dynamics, but may struggle with emotional decisions or conflicts among relatives.
Professional Trustee (Bank, Attorney, or Financial Advisor):
Brings experience, neutrality, and administrative skill, but charges management fees that vary by complexity.
Some families choose a hybrid approach—appointing a family member and a professional co-trustee to combine personal insight with professional expertise.
How to Choose a Successor Trustee
A successor trustee ensures your trust continues smoothly after you’re gone. When selecting one, consider:
- Age and Health: Choose someone likely to outlive you.
- Availability: Select someone with time to handle administrative tasks.
- Location: Proximity can make property management easier.
- Willingness: Always confirm they’re comfortable taking on the role.
Keep your documents updated—especially if your trustee’s circumstances change.
Updating Your Trustee Over Time
Your choice of trustee isn’t permanent. If you have a Revocable Living Trust, you can update it anytime during your lifetime. Review your trustee list every few years or after major life events such as marriage, divorce, or relocation between Arizona and Utah.
How Generation Living Trusts Can Help
At Generation Living Trusts, we educate families on every step of estate planning—from creating Living Trusts and Wills to choosing and updating trustees. Our bilingual team supports clients across Arizona and Utah, ensuring every family member understands their responsibilities and rights.
We help you:
- Identify qualified trustee options.
- Review your current plan for potential risks.
- Update your documents to reflect your most trusted choices.
Frequently Asked Questions (FAQs)
Can I name more than one trustee?
Yes. You can name co-trustees to share responsibility or create checks and balances.
What happens if my trustee dies or becomes unable to serve?
Your successor trustee steps in immediately to continue managing the trust.
Can a trustee also be a beneficiary?
Yes, as long as they act in the best interest of all beneficiaries and follow the trust’s instructions.
Conclusion
Selecting your trustee and successor trustee is one of the most important decisions you’ll make for your family’s future. With the right choice, your estate plan will run smoothly, efficiently, and according to your exact wishes.
Let Generation Living Trusts help you build a plan you can trust—literally and legally.
Our Arizona Location
Peoria, Arizona
22861 North 103rd Lane, Peoria, AZ 85383
Call (623) 262-0845
Our Utah Location
Bountiful, Utah
420 West 1500 South #202, Bountiful, UT 84010
Call (801) 839-5572
Disclaimer
Generation Living Trusts is not a law firm, does not provide legal advice, and does not draft legal documents. The content on this website is for educational purposes only and should not be considered as legal advice. For legal services, individuals are advised to consult with a qualified estate planning attorney or law firm separately.