When you create a living trust, you usually need to choose who to name as your successor trustee. It is crucial that this decision is not taken lightly and that the right person is selected for the job.
If you become incapacitated, your successor trustee will step into your shoes and take full control of your trust assets on your behalf. This means he or she will have full authority to make financial decisions — including selling or refinancing trust assets. In fact, as long as the act does not interfere with the instructions in the trust document and does not breach any fiduciary duty owed, your successor trustee is given broad authority over your trust assets. The authority is very helpful in many circumstances because it avoids costly, time-consuming court proceedings, like guardianship, conservatorship, or probate. Read More