Estate planning is important for ensuring that your loved ones are taken care of when you pass away. An estate plan, created with the help of your lawyer in Tampa, can help you prepare for disabilities, provide for your children, and avoid probate.
One of the most frequently used documents for probate avoidance is a revocable living trust. If you are well-suited for a revocable living trust, then your lawyer in Tampa will be able to assist you in what needs to be done to set it up.
Unlike a traditional will, a revocable living trust helps to avoid probate. Probate to transfer ownership of items owned by a trust is unnecessary because the assets in the trust are technically owned by the trustee, so there is no transfer of ownership upon death. Instead, when the creator of the trust passes, the successor trustee steps-in to administer the trust based on the terms the creator set forth.
Some of the duties the successor trustee handles include notifying beneficiaries, liquidating assets, paying taxes, informing creditors, and finally, distributing the assets to the beneficiaries. You can speak with your estate planning lawyer in Tampa to discuss who would be the best choice to act as your successor trustee.
When deciding who you should appoint as your successor trustee consider these important questions:
- Is my choice for successor trustee good with money?
Managing money is a large portion of the successor trustee’s responsibility, so it is important to pick someone who makes sound financial decisions.
- Is my choice for successor trustee honest?
In a perfect world, a trust is completely distributed without court involvement. Since there generally will not be a judge overseeing your trustee’s actions, it is important to choose someone whom you trust.
- How does this person get along with my family?
The trustee will need to interact with your beneficiaries, so it is important to choose someone who does not trigger an immediate negative reaction from your beneficiaries.
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