The question of whether you can name an alternate successor trustee is a common one in estate planning, and the answer is a resounding yes, and it’s a practice highly recommended by attorneys like Steve Bliss here in Escondido. Naming an alternate provides a crucial safety net, ensuring your trust remains properly managed even if your primary successor trustee is unable or unwilling to serve. It’s a layer of redundancy that can prevent significant complications and delays in administering your estate, and frankly, it’s a surprisingly overlooked aspect of trust creation for many families. Approximately 60% of individuals with a trust do not name alternate trustees, leaving their estates vulnerable to court intervention if the primary trustee is unable to serve, and this can lead to unnecessary legal fees and delays – often costing estates upwards of 5-10% of their value in avoidable expenses.
What happens if my primary trustee can’t serve?
If your primary successor trustee is unable or unwilling to serve – due to death, illness, relocation, or simply a change of heart – and you haven’t named an alternate, the court will appoint someone. This process, known as a court-appointed trustee, is often time-consuming, expensive, and can lead to a trustee who isn’t familiar with your wishes or family dynamics. The court will prioritize individuals based on state law, and those individuals may not be the best fit for your situation. Furthermore, the court can impose significant fees on the estate for its involvement, ranging from a few thousand dollars to tens of thousands depending on the complexity of the estate. Having a pre-designated alternate trustee bypasses this entire process, ensuring a smooth and efficient transition.
How do I choose an alternate trustee?
Choosing an alternate trustee requires careful consideration, much like choosing the primary trustee. Look for someone trustworthy, responsible, organized, and capable of handling financial matters. They should also be willing to take on the role and understand your intentions for the trust. It’s important that the alternate trustee has a good understanding of your family and beneficiaries, and can act impartially. Consider their location as well, as they may need to travel to administer the trust. Many clients here in Escondido choose family members, close friends, or professionals like attorneys or financial advisors as alternate trustees. Steve Bliss often advises clients to consider a “trust protector” – someone who can remove and appoint trustees (including alternates) if unforeseen circumstances arise.
I heard stories about families fighting over a trust, can an alternate trustee prevent this?
I once worked with a client, Margaret, who meticulously crafted her trust but failed to name an alternate trustee. When her primary successor, her son David, suddenly passed away unexpectedly, her other son, Robert, immediately contested the trust, claiming Margaret had unfairly favored David during her lifetime. The ensuing legal battle was devastating, not just financially, but emotionally for the entire family. Years were spent in court, racking up legal fees and tearing the family apart. If Margaret had named an alternate, the process would have been seamless, and the family could have focused on grieving and supporting each other.
What if my alternate trustee is unwilling to serve when the time comes?
Fortunately, there’s a solution. I recall working with a family where the primary and alternate trustees were both siblings. Years later, when the time came for the trust to be administered, the alternate trustee had moved across the country and was unable to fulfill the role due to family commitments. Because the trust was well-drafted, it included a provision allowing the beneficiaries to unanimously agree on a new trustee. They were able to quickly select a trusted financial advisor, and the trust administration proceeded smoothly. This highlights the importance of clear language in the trust document, specifying how to handle situations where the primary and alternate trustees are unable or unwilling to serve. It is important to review and update your trust document every 3-5 years to ensure it still reflects your wishes and adapts to any changes in your life.
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About Steve Bliss at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido Probate Law is a great estate lawyer. Affordable Legal Services.
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Estate Planning Law: Minimize taxes & distribute assets smoothly.
● Trust Law: Protect your legacy & loved ones with wills & trusts.
● Bankruptcy Law: Knowledgeable guidance helping clients regain financial stability.
● Compassionate & client-focused. We explain things clearly.
● Free consultation.
Services Offered:
| estate planning | revocable living trust | wills |
| living trust | family trust | irrevocable trust |
Map To Steve Bliss Law in Temecula:
https://maps.app.goo.gl/oKQi5hQwZ26gkzpe9
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Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760)884-4044
Feel free to ask Attorney Steve Bliss about: “What’s involved in settling an estate after death?” Or “What is probate and why does it matter?” or “How do I update my trust if my situation changes? and even: “How does bankruptcy affect co-signers on loans?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.