• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
< class="site-title" itemprop="headline">Flood & Masiuk LLC | Southampton Estate Planning Attorneys

Attorneys At Law

  • Home
  • Our Firm
    • About Our Firm
    • About The American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Speaker Connection
  • Estate Planning
    • Asset Protection and Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning Services
    • Trust Administration and Probate
  • Elder Law
    • Are You A Caregiver?
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • DocuBank
    • Elder Law Resources
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Needs Checklist
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning FAQ’s
      • LGBTQ Estate Planning FAQs
      • Trust Administration & Probate FAQs
    • LGBTQ Resources
    • Newsletters
    • Special Needs Resources
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Blog
  • Contact Us
Home / Estate Planning / How Do I Choose a Living Trust Trustee?

How Do I Choose a Living Trust Trustee?

July 14, 2015 by Marianne Flood, Estate Planning Attorney

In this post we will look at the role of the living trust trustee and the qualities that you should look for when you are choosing a trustee. However, before we get into that subject, we should explain why you may want to consider the creation of a revocable living trust.

Efficient Asset Transfers

A revocable living trust would be used by someone who would otherwise be using a last will as a vehicle of asset transfer. Why would you want to use a living trust as an alternative? The answer is that a will must be admitted to probate, and there are drawbacks that go along with this process.

The court supervises the administration of the estate, and there is a proving of the will. Ultimately, the executor prepares the assets for distribution to the heirs after paying final debts.

This process can take a considerable amount of time to run its course, and the heirs have to wait out this time lag. It can take up to a year for an estate to be probated, even in relatively simple cases.

The time consumption is one factor to take into consideration, but probate expenses can eat into the inheritances, and this is another reason why many people try to avoid probate.

Assets in a revocable living trust can be transferred to the beneficiaries in a more efficient manner outside of probate.

Living Trust Trustee

Now that we have explained the value of revocable living trusts, we can look at the role of the trustee. When you create a living trust, you are called the grantor of the trust. You can serve as the trustee and the beneficiary while you are still alive. Most people will go this route.

Ultimately, you need someone to manage the trust after you pass away, so you name a successor trustee in the trust declaration. You also name beneficiaries who will receive distributions from the trust after your death.

When you are selecting a successor trustee, you could name a person that you know. The person that you choose should be an experienced money manager who is completely trustworthy. You should also consider potential conflicts of interest, and longevity is another factor.

Do you know and trust anyone who has the appropriate qualifications? If the answer is no, you could use a professional fiduciary like a trust company or the trust section of a bank.

These corporate trustees understand the trust administration process, and there is inherent oversight. When you examine all of these factors, a corporate trustee may be the best choice.

Report on Revocable Living Trusts

If you would like to learn more about living trusts and the role of the trustee, we have a valuable resource that you can access through this website. Our firm has prepared a special report that takes an in-depth look at revocable living trusts.

To access your copy, click this link and follow the simple instructions: Bucks County PA Living Trusts.

  • Author
  • Recent Posts
Marianne Flood, Estate Planning Attorney
Marianne Flood, Estate Planning Attorney
As the founder and managing partner of the Southampton, Pennsylvania law firm of Flood & Masiuk, LLC, Marianne Flood oversees a practice devoted to providing clients with personalized service and counsel in all aspects of estate planning.
Marianne Flood, Estate Planning Attorney
Latest posts by Marianne Flood, Estate Planning Attorney (see all)
  • What Is a Qualified Personal Residence Trust? - July 24, 2015
  • Will Medicaid Take My Home? - July 22, 2015
  • 2015 Estate Tax Exclusion Adjustment Released By IRS - July 18, 2015

Filed Under: Estate Planning

About Marianne Flood, Estate Planning Attorney

As the founder and managing partner of the Southampton, Pennsylvania law firm of Flood & Masiuk, LLC, Marianne Flood oversees a practice devoted to providing clients with personalized service and counsel in all aspects of estate planning.

Primary Sidebar

Blog Subscription

Flood & Masiuk LLC | Southampton Estate Planning Attorneys

112 Lakeside Park
Southampton, PA 18966
Phone: (215) 322-6330
Fax: (215) 322-9199

MAP

map for Flood & Masiuk LLC office

Opening Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Footer

  • Disclaimer
  • Sitemap
  • Contact Us

© 2023 American Academy of Estate Planning Attorneys, Inc.

All Rights Reserved.
Attorney Advertisement

footer-logo
  • fb
  • twitter
  • linked-In