Road Map for Successor Trustee

It is a lot of work to be named as Successor Trustee of a Trust. In most cases the Trustee is stepping in without much information to go by other than perhaps an outdated schedule of Trust assets. You can make the job easier by gathering key information ahead of time to serve as a kind of road map for your Successor Trustee.

Family and beneficiary information. It will be helpful for your Trustee to have current contact information for your family and other beneficiaries of your Trust. For beneficiaries who are not immediate family members, it can be helpful to know the relationship.

Current assets list. The schedule of assets attached to your Trust is likely outdated. Keep a current list of assets with bank or brokerage name, branch location if applicable, name of any advisor associated with the account, and account information.

Life insurance. Keep a list of life insurance policies with the name of the insurance company, the agent, the policy numbers, and the named beneficiaries.

Usernames and passwords are critical. In addition to your various online accounts, make sure your Trustee can access your cell phone and computer.

Cryptocurrency has become common. You need to leave instructions for accessing your crypto holdings or they risk being lost forever.

Location of valuables. Do you have a home safe and if so, what is the combination? Or do you have another safe place in your home where you keep your jewelry, coins, or cash? If you have a safe deposit box, your Trustee needs the key, the box number and most importantly the bank branch where the box is located. It would also be extremely helpful to make an inventory of items kept in a safe deposit box.

Professional advisors. Your Successor Trustee will be grateful for a list with contact information of your professional advisors such as your accountant, investment advisor, insurance agent, property manager, and any other legal

professionals. This will save your Trustee time and ensure smooth transition.

Tax returns. Prior years’ tax returns can provide vital information. If you prepare and file your own tax returns, make sure they are accessible, either as hard copies or accessible on your computer.

The information on this list will give your Trustee a head start. You may think of other information and by all means you should include it.

Planning Ahead Column

By Lisa Alexander, Esq.

JAKLE, ALEXANDER & PATTON, LLP

310-395-6555