Help clients look beyond the first name in their plan.
A client’s trustee selection may need to remain workable for many years. During that time, people’s health, relationships, availability, and willingness to serve can change.
Reviewing trustee arrangements alongside other planning decisions helps clients consider whether the people they have named are still appropriate for the responsibilities ahead.
Revisit Existing Choices
A trustee named years ago may now have very different circumstances.
Ask whether the proposed trustee remains willing and able to serve, whether the client’s family relationships have changed, and whether the trust’s anticipated needs have become more complex.
The purpose is to make sure the choice still reflects the client’s circumstances and wishes.
Consider When Service Might Begin
A successor trustee may be needed following incapacity as well as death, depending on the trust’s terms.
Clients should consider whether their chosen person could step into the role at an unexpected time and manage the practical responsibilities that follow.
Look Beyond the First Successor
What happens if the first person named declines, becomes unavailable, or needs to step down during administration?
Encourage clients to review the succession provisions with their estate planning attorney and consider whether additional planning is needed.
Account for Ongoing Administration
If a trust is expected to continue for years, the succession conversation should address that longer period.
A trustee who is suitable today may not be able to serve throughout the trust’s duration. Clients may benefit from discussing how future transitions would be handled and how important information would remain available.
Prepare for a Practical Handoff
Continuity also depends on access to information.
Encourage clients to keep trust documents, professional contact information, and relevant asset records organized and accessible through an appropriate, secure arrangement. Their attorney can help them understand what the successor will need and when authority to act begins.
Explore Professional Fiduciary Support
An independent trustee may be worth considering as part of a client’s succession planning.
Trust Experience welcomes conversations with clients and advisors about anticipated fiduciary needs, potential appointments, and the questions to address before services are required.