Nevada residents who prepare a living trust in most cases name themselves as the trustee. In many cases, spouses are both named as trustees. However, it is possible that each spouse may pass away sooner than expected. To account for this, a successor trustee is usually designated in the document.
Parents often name their oldest child to act as successor trustee. They may also choose to name multiple children to fill the role together, and this may be a good idea if the children live nearby or neither parent has been divorced. Friends may act as a successor trustee, and if an individual does ask a friend to serve in this manner, it may be a good idea to pay a fee for his or her services.
Banks or other fiduciaries may make ideal trustees because they generally know how to fill the role properly. Furthermore, they generally act based on a set of internal policies as opposed to their emotions when it comes to making decisions. A bank may charge higher fees for its services, but it may be best suited to make hard decisions about an estate.
When creating a living trust or any other type of estate plan documents, it may be worthwhile to plan for as many scenarios as possible. Naming a successor trustee on a living trust may make it possible to accomplish this. As a general rule, the best successor trustees are those who understand how to best fulfill the wishes of the trust’s creator. An estate planning attorney can provide more insight in this regard.