If you are fortunate enough to have a sizable estate to pass down to future generations you are likely aware of how important it is to create a comprehensive estate plan that will facilitate the transfer of your family wealth in the most efficient and cost-conscious manner possible. Within your estate plan you may plan to incorporate a family wealth trust, or FWT. If so, you will likely appoint yourself to be the trustee of the FWT; however, you may be wondering “Who should be designated as … [Read more...] about Who Should Be Designated as Successor Trustee of a Family Wealth Trust?
When you’re establishing a trust, you’ll need to choose an initial trustee, and at least one successor trustee. Especially in the case of a Living Trust, you’ll most likely serve as initial trustee, and you’ll likely name your spouse to serve as successor trustee. But what if you’re not married, or you know that your spouse is not the best choice? In this case, you’ll want to choose your successor trustee wisely. Once your successor trustee steps into that role, it’s not easy to get him or … [Read more...] about Choose Your Successor Trustee Wisely
One of the things you’ll have to do as you put together your estate plan is appoint fiduciaries to manage an assortment of tasks on your behalf once you pass away; or, even if you become unable to manage your own affairs while you’re still alive. If, like many people, you decide to use a trust as one of your estate planning tools, you’ll need to appoint a successor trustee. Many people ask if they should appoint co-trustees to manage their trust; two of their children, perhaps? This is a very … [Read more...] about Should You Appoint Co-Trustees?