Naming a replacement after a trustee passes away

On Behalf of | Dec 4, 2015 | Trusts

Many Nevada residents choose to use trusts because they provide more privacy and can avoid probate, but they may also be more complex than a straightforward last will and testament. Selecting the individuals who will be entrusted to act as trustees are very important decisions, and it may be necessary to revisit a trust if one of these individuals were to pass away.

If this were to happen, a prudent first step is to review the trust documents looking for language dealing with successor trustees. This section may specify that the surviving trustee is able to serve without modifications to the trust, or it could state that a successor trustee should be named. If no successor trustee is required, it may still be advisable to obtain a death certificate for the trustee that has passed away.

If the trust does not contain provisions for naming a successor trustee, it may be wise to draft a new document from scratch. Basic trust documents may be available online or at office supply outlets, but they will likely have been designed with simplicity in mind. Trusts have become more popular in recent years as people have become more aware of their benefits, but it may take the experience of a professional to realize the full potential of this versatile estate planning tool.

An attorney with estate planning experience could explain the differences between the various types of trusts and may also suggest that these documents be revisited periodically. The provisions of the trust may require modification from time to time to ensure that they still accurately represent the grantor’s wishes, and successors could be called for if trustees have passed away or are no longer considered suitable.