Why Naming a Successor Trustee Is So Important

July 18, 2012

Last week I shared with you the story of Joe who, as a named healthcare power of attorney for his aunt and uncle, found himself in the difficult position of having to make healthcare decisions for both of them under less than hospitable circumstances.  As though that were not enough, Joe was also named the successor trustee for his aunt and uncle’s trust, which meant that at the same time he was making difficult healthcare decisions, he would also have to make important financial decisions.  Now, at first glance you might think it makes sense to name the same person in both capacities.  After all, one of the decisions Joe had to make was whether his aunt and uncle should receive care in their home or in a facility, and that would certainly depend on what they could afford.  But there are a number of reasons why it may have been better to name someone else as the successor trustee. Continue reading “Why Naming a Successor Trustee Is So Important”