Naming a successor trustee is one of the most important decisions in your estate plan. But for too many families, that decision is made… and then forgotten.
When the time comes, your trustee may be left sorting through paperwork, wondering where to begin, and worrying about making a mistake.
Let’s fix that—starting with a clear roadmap.
What Does a Successor Trustee Do After Death?
Once you pass away, your successor trustee becomes responsible for managing and distributing the trust according to your instructions. Their duties may include:
- Locating and interpreting your estate plan documents
- Gathering and securing your assets
- Notifying financial institutions and government agencies
- Coordinating with your attorney, CPA, and financial advisor
- Paying final debts and taxes
- Distributing assets to beneficiaries
- Filing court paperwork if needed
Depending on the complexity of your estate, this process could take several months to a year or more.
What Can You Do Now to Make It Easier?
Here’s how to prepare your trustee while you’re still alive and well:
1. Create a Trustee Guide or “Playbook”
This isn’t a legal requirement, but it’s incredibly helpful. You can include:
- A summary of your trust’s purpose and major provisions
- Your key contacts: attorney, CPA, financial advisor, insurance agent
- Account information (bank, brokerage, retirement, credit)
- Life insurance policies and annuity contracts
- A list of bills to cancel or manage
- Digital assets (email, social media, cloud storage, etc.)
Make sure this information is stored securely and your trustee knows where to find it.
2. Clarify Your Intentions
If you’re making decisions that could spark confusion—such as unequal distributions, staggered inheritance, or specific gifts—consider writing a letter of intent. This personal explanation (non-binding, but helpful) can reduce conflict and give your trustee valuable context.
3. Choose the Right Person—and Talk to Them
Not everyone is equipped for this role. Make sure your trustee is organized, honest, and up for the responsibility. Then, talk to them. A quick conversation now can make all the difference when the time comes.
4. Review Regularly
Things change—your assets, relationships, and even your trustee’s availability. Revisit your choice every few years and update your documents and instructions accordingly.
A prepared trustee is a confident trustee. By giving them the tools, clarity, and communication they need now, you’re setting your family up for a smoother transition later—and making sure your legacy is carried out the way you intended.
