Successor Trustee Manual
Our trust attorneys in Chapel Hill offer a Successor Trustee Manual for individuals who have a living trust. (The manual is available both to individuals currently serving as Successor Trustee for a third party as well as to those who have established a living trust and wish to provide guidance to friends or family members named in their plan.) The manual offers a step-by-step overview of taking on the role of Successor Trustee. Comprehensive guidance is included for many trust administration duties that must be executed upon the grantor’s incapacity or death. While the manual cannot cover every situation and does not completely substitute for the advice and assistance of an attorney, it will easily pay for itself many times over by savings in attorneys’ fees.
As a reference tool, the manual can help shorten and simplify the trust administration process by educating the trustee as to many steps that must be taken, minimizing the need to pay a lawyer to explain the process.
Some of the topics addressed include:
- Overview of living trusts
- Checklists for immediate actions to take upon a grantor’s incapacity or death
- Administering the trust after the death of the first spouse and, later, after the death of the surviving spouse
- Locating and reviewing important estate planning documents
- Tips on working successfully with those involved with the trust administration, including attorneys and beneficiaries
- The duties, powers, and liabilities of a Successor Trustee
- Managing and investing trust assets and tips for recordkeeping
- Dealing with income and estate tax issues
- Dealing with beneficiaries, including preparing accountings and making distributions
- Transition to another Successor Trustee
- Terminating a trust
Whether one serves as Successor Trustee during the incapacity or after the death of a loved one, stepping into the role of Successor Trustee is often difficult. The need to actively and appropriately manage trust affairs under potentially emotional or hectic circumstances might be overwhelming. The manual can be given in advance to individuals named as Successor Trustee, as well as to other family members who wish to know how trust management works, to allow them the opportunity to learn about the process prior to being called upon to serve.
Purchase a Successor Trustee Manual
$195 Standard Rate Single Copy ($150 Fee Per Additional Copy)
$95 Discounted Rate Single Copy (When purchased in connection with a trust plan engagement.)
Request a copy by phoning our office 800.201.0413 or sending an email order.