How do you decide who should be a successor trustee? You should prudently consider the skills needed to be a successful trustee before assigning one. Managing a trust can be a complex task. You need to consider the needs of the beneficiary along with the desire to preserve capital for the future.
A Successor Trustee is the person who assumes control of a trust after the initial trustee dies or becomes unable to continue with his or her responsibilities. A trustee and/or a successor trustee can be an individual person or an organization or institution, such as Life’s WORC. The successor trustee can work together with family members to continue to support your loved one. It is extremely important to determine who will be your successor trustee. Who can take over this enormous responsibility when the current trustee is no longer able to?
The management of any trust by a trustee requires knowledge of prudent investment strategies. With a Special Needs Trust, there are even more requirements. You need to comply with all Medicaid and Social Security requirements in order to preserve the beneficiary’s eligibility for government benefits. Also an annual tax return must be filed for the trust. It is difficult to ask a family member, who is busy taking care of their own family, to provide this service. Also, what would happened when the family member is old, moves away, or becomes ill?
These are some of the reasons why so many people choose Life’s WORC Trust Services as their successor trustee.
Want to learn more? Feel free to contact our office at 516-348-7878 to find out more about this crucial service that Life’s WORC Trust Services provides.