Choose Wisely Your Successor Trustee
I recommend that clients with grown children share information about their newly minted Estate Plans with these children. Doing so removes some “mystery” for the children who might otherwise incorrectly speculate about family issues, future obligations, and positions. At a minimum, these adult children should be cognizant that an Estate Plan exists for Mom and Dad and they should seek to locate it if ever needed.
A few years ago, my wife and I took this advice and sat down with our grown kids to discuss our own Estate Plan. The entire family was gathered at Christmas time and we targeted an evening post-dinner and pre-card games for this meaningful discourse. We wished to explain the basic structure of our plan and responsibilities each child would need to address. The kids dutifully listened for about ten minutes.
At that point, one child exclaimed: “This is so boring, I will just read your trust after you are gone. The trust is what, ten or twenty pages?” When I informed this child that our trust well-exceeds 100 pages, the response was: “Well, I will never read all of that.” And that is why this child was not named as our successor trustee.
In many circumstances, clients default to naming their eldest child or all children jointly as successor trustee in their Living Trusts. Such choices may, indeed, be the best. I encourage, actually require, clients to carefully consider these vital choices as the incorrect selection could compromise your entire Estate Plan. Only you truly appreciate your own family dynamics and understand the skill sets and tact possessed by each child. Candidly share those factors with your estate planning attorney.
Our child who thinks our Estate Planning is a bit much remains quite content and relieved that the siblings must address these matters at some time in the future. For assistance with your own selections of successor trustees and all other Estate Planning needs, communicate with Michael Geiger (901) 219-5549 or at michael@geigerattorney.com.