Attorney Jeffrey P. Coleman answers a common question about choosing a successor trustee to handle your affairs when you are no longer able to manage your assets.
In choosing your successor trustee, that is, the person that takes over after you are no longer able to assist or no longer wish to take care of the management of your assets. That successor trustee must be someone that you have trust in. In substantial asset situations, it’s not uncommon that we might designate a corporate representative to assist in the trustee relationship and sometimes we appoint co-trustees. Frequently, we’ll allow a corporate trustee to act as the head of the organization and a family member as co-trustees to be the heart.