• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Anderson, Dorn & Rader, Ltd

Reno Estate Planning Attorneys

  • Home
  • About Us
    • About Our Firm
    • Communities We Serve
      • Carson City
        • Churchill County
          • Fallon
      • Douglas County
        • Gardnerville
        • Minden
      • Lyon County
        • Dayton
        • Yerington
      • Washoe County
        • Incline Village
        • Reno
        • Sparks
    • Meet Our Team
    • News & Events
  • Services
    • Advanced Estate Planning
      • Estate & Gift Tax Planning
    • Asset Protection
    • Trustee Services
    • Financial & Investment Planning
    • Foundational Estate Planning
      • Estate Planning Services
      • Inheritance Estate Planning
      • Incapacity Planning
      • IRA & Retirement Planning
      • Legacy Wealth Planning Reno
    • LGBTQ Estate Planning
    • Pet Planning
    • Probate & Trust Administration
    • SECURE Act
    • Special Needs Planning
  • Resources
    • Blog
    • DocuBank
    • Estate Planning Resources
      • Estate and Gift Tax Figures
      • Estate Planning Articles
      • Estate Planning Definitions
      • Free Estate Planning Worksheet
      • Is Your Estate Plan Outdated?
      • Top Estate Planning Techniques
    • F.A.M.E.
    • Frequently Asked Questions
      • Asset Protection
      • Estate and Gift Tax
      • Estate Planning
      • LGBTQ Estate Planning
      • Pet Planning
      • Probate
      • Probate and Trust Administration
      • Special Needs Planning
    • Newsletters
    • Pre Consultation Form
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning For Niches
      • Trust Administration
    • Top Five Ways to Avoid Probate
    • Trust Administration Checklist
    • Videos
  • Events
  • Contact
  • Reviews
    • Our Reviews
    • Review Us
    • (775)  823-9455
    • ATTEND AN EVENT
Anderson, Dorn & Rader, Ltd.
Home » General » How to Choose a Successor Trustee

How to Choose a Successor Trustee

August 30, 2018 by Gerald M. Dorn, Estate Planning Attorney

irrevocable trust
When you establish a revocable living trust, you are also generally the initial Trustee of the trust, administering the trust assets for your own benefit as a beneficiary of the trust. If you are married, your spouse can be a trustee with you. This way, if either of you become incapacitated or die, the other can continue to handle your financial affairs without interruption. What happens if you and your spouse are unable to serve as trustees due to incapacity or death?  Generally, your revocable living trust will provide for a Successor Trustee to manage your trust assets for your benefit.  The Trustee should be prepared to manage your financial affairs by collecting income, paying bills/taxes, selecting health-care professionals if needed, providing for your well-being, providing for dependents if any, and keeping accurate records.

Who Can Be Your Successor Trustee

Some people choose an adult son or daughter, a trusted friend or another relative. Some like having the experience and investment skills of a professional or corporate trustee (e.g., a bank trust department, trust company, or law firm). Naming someone else as trustee or co-trustee with you does not mean you lose control. The trustee you name must follow the instructions in your trust and report to you. You can even replace your trustee in your revocable living trust should you change your mind.

Consider Successor Trustees after Your Death for Beneficiaries

At death your assets can be left outright or continuing sub-trust for asset protection of your heirs/beneficiaries. Sub-trusts provide asset protection to your beneficiaries from their own creditors, or potential x-spouses.  If you leave your assets in sub-trust for asset protection of your beneficiaries, consider if each heir should be their own trustee or if a professional trustee, or another person would be a better choice.  For special needs beneficiaries, or a spendthrift beneficiary, often a professional trustee is helpful.

When to Consider a Professional or Corporate Trustee

You may be elderly, widowed, or in declining health and have no children or other trusted relatives living nearby. Or your candidates may not have the time or ability to manage your trust. You may simply not have the time, desire or experience to manage your investments by yourself. Also, certain irrevocable trusts will not allow you to be trustee due to restrictions in the tax laws. In these situations, a professional or corporate trustee may be exactly what you need: they have the experience, time and resources to manage your trust and help you meet your investment goals.

What You Need to Know

Professional or corporate trustees will charge a fee to manage your trust, but generally the fee is quite reasonable, especially when you consider their experience, the services provided, and the investment returns that a professional trustee can deliver.

Actions to Consider

  • Honestly evaluate who is the best choice to be your own trustee to invest and manage assets for your own benefit.
  • Evaluate your trustee candidates carefully and realistically.
  • If you are considering a professional or corporate trustee. Compare their services, investment returns, and fees.

We can help you select, educate, and advise your successor trustees so they will have support and know what to do next to carry out your wishes. Give us a call today at (775) 823-9455 to schedule a consultation.

  • Author
  • Recent Posts
Gerald M. Dorn, Estate Planning Attorney
Gerald M. Dorn, Estate Planning Attorney
Gerald Dorn is a shareholder and has been a partner at Anderson, Dorn & Rader, Ltd. Since 1998. Mr. Dorn has extensive experience serving wealthy families and business owners in the development of estate, tax and asset protection planning strategies. He made the decision to focus his practice in the area of estate planning after witnessing the personal grief and financial loss suffered by several of his clients as a result of poor planning. These experiences motivated him to dedicate his professional life to assisting his clients to preserve their life’s work for their heirs and to create a lasting legacy for those they love. Mr. Dorn is able to accomplish his mission through the use of a vast number of estate planning tools, both basic and advanced, for all of his clients at Anderson, Dorn & Rader, Ltd.
Gerald M. Dorn, Estate Planning Attorney
Latest posts by Gerald M. Dorn, Estate Planning Attorney (see all)
  • Getting Ready for 2021 - December 15, 2020
  • Myths We Tell Ourselves About Estate Planning - October 13, 2020
  • Living Trusts Streamline the Estate Administration Process - June 8, 2020

Filed Under: General, Wills and Trusts Tagged With: trustee

Primary Sidebar

Anderson, Dorn & Rader, Ltd

Blog Subscription

Free Estate Planning Worksheet

Follow Us

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Reno Office

Reno
500 Damonte Ranch Parkway
Suite 860,
Reno, NV 89521
United States (US)
Phone: (775) 823-9455

Reno Office Map

map

Reno Office Hours

Monday8:30 AM - 5:00 PM
Tuesday8:30 AM - 5:00 PM
Wednesday8:30 AM - 5:00 PM
Thursday8:30 AM - 5:00 PM
Friday8:30 AM - 5:00 PM

Minden Office

Minden
1692 County Road
Suite A,
Minden, NV 89423
United States (US)
Phone: 775-823-9455

Minden Office Map

map

Minden Office Hours

By Appointment Only, Call For Details

Footer

About the American Academy | Disclaimer | Privacy Policy | Site Map | Contact Us
Anderson, Dorn & Rader, Ltd
All Rights Reserved.

Attorney Advertisement
Anderson, Dorn & Rader, Ltd. Logo

© 2021 American Academy of Estate Planning Attorneys, Inc.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube