Out-of-State Trustees The successor trustee does not have to live in the same state as you do. But if you are choosing between someone local and someone far away, think about how convenient it will be for the person you choose to distribute the living trust property after your death.
Can a living trust have two trustees?
Trusts in California can have multiple trustees, not limited to merely two. California trust law requires that co-trustees act unanimously. If the trust instrument provides that co-trustees do not have to act unanimously, the instrument controls. The trust instrument may allocate certain powers to specific trustees.
Does a successor trustee need to sign the trust?
Make sure your successor trustee (or your spouse or partner, if you made a trust together) knows where the original trust document is and can get hold of it soon after your death. The trust document must be printed out and signed to create a trust.
Does a trustee have to live in the same state?
The trustee does not have to live in the same state as you. Someone who lives close by will probably have an easier time, especially if local real estate is involved, but many transactions are handled online these days.
Can a successor trustee be removed?
Removing a successor trustee is possible, and generally requires filing a petition for removal, while working with a trust litigation attorney. In such cases, it may be possible to have the successor trustee replaced by filing a petition for removal with the probate court.
Is it better to have one or two trustees?
A trusteeship is best handled by one person being in charge. Also, the beneficiaries would have only one trustee to blame if there is a problem in the administration. We recommend that you name two successor trustees, but not co-trustees. One to be in charge and the other as a backup.
When does a successor trustee take over a trust?
He would also be called upon to serve should you become mentally incapacitated. Most trustmakers act as trustees of their revocable trusts, unlike with an irrevocable trust where someone else must be appointed. A successor trustee waits in the wings to take over when you can no longer manage the trust yourself.
What happens to a trust when the grantor dies?
The successor trustee is positioned to take over management of the trust when the original grantor/trustee dies or becomes legally incapacitated. (If the grantor becomes incapacitated, say, by developing Alzheimer’s disease, the successor trustee manages the trust assets for his or her benefit and that of any other named beneficiaries.)
What happens to the assets of a revocable living trust?
As the settlor/trustee, you’ll be able to move assets in and out of the trust, change the terms and beneficiaries and even revoke the trust if you wish. That’s why it’s called a revocable living trust. Once you die, your successor trustee will assume control of the trust and the duties of trustee.
Can a successor trustee be reimbursed for travel?
Aside from this, travel expenses, mileage, and office supplies are all considered necessary expenses for administering the trust, and they’ll be reimbursed to the successor trustee as well if they pay for them. When Will the Successor Trustee Receive Payment?
