#7 of 25 Common Estate Planning Mistakes – Trustee/Representative

Naming the Wrong Successor Trustee / Personal Representative
Your properly drafted and fully funded living trust may not
achieve your goals if your successor trustee fails to follow
(or understand) its provisions. Many people name one or
more of their adult children as successor trustee without fully
considering whether he or she is best suited to administer their
trust following their incapacity and after their passing. While it
may seem appropriate to name your oldest child as successor
trustee, you need to carefully consider whether he or she has
the knowledge, time and experience to properly administer
your trust. If you expect a disagreement within your family
about the trust’s administration, you may wish to consider
naming a third-party or professional successor trustee.

Many of the same concerns apply to your Personal
Representative. In addition to understanding the terms of your
will, your personal representative will need to understand the
probate process. Your personal representative also needs to
have the time to meet with attorneys and prepare and submit
required court filings on time. A poorly chosen personal
representative will increase the stress of the probate process,
as well as the time and expense to complete the process.