How to Change Your Successor Trustee: A Guide from Your Portland, Oregon Estate Planning Attorney
One of the greatest benefits of a revocable living trust is its flexibility. Life changes, relationships evolve, and sometimes the person you originally chose as your successor trustee may no longer be the best fit. As an experienced Portland, Oregon estate planning attorney, I've helped many clients navigate this common situation. Whether due to changes in their circumstances, shifts in your relationship, or simply a reconsideration of their abilities, it's completely normal to revisit this important decision.
Why People Change Their Successor Trustees
There are many valid reasons to update your successor trustee designation. Your Portland, Oregon estate planning attorney can help you evaluate if any of these apply to your situation:
Your original choice may have moved far away, making it difficult for them to manage your affairs.
Their health status or personal situation might have changed significantly.
Sometimes relationships evolve or become strained over time.
You may have realized they don't have the financial knowledge or organizational skills needed for the role.
As your trust becomes more complex with additional assets or beneficiaries, different skills might be required.
Occasionally, your chosen trustee might even express reluctance about taking on the responsibility.
Steps to Change Your Successor Trustee
The good news? Making this change is typically straightforward, especially when working with an experienced Portland, Oregon estate planning attorney. The process generally begins with reviewing your current trust document, as most well-drafted trusts include provisions for changing trustees. Next, you'll need to create a formal amendment that specifically identifies the change in successor trustees. This ensures there's no confusion about your intentions.
When selecting your new trustee, take time to consider who would best serve in this role. A successor trustee should be trustworthy, organized, detail-oriented, and willing to take on the responsibility. It's also wise to name backup successors in case your first choice is unable to serve when the time comes.
While not legally required, it's often beneficial to inform both your former and new successor trustees about the change. This prevents surprises and gives your new trustee time to understand their future responsibilities. Finally, work with your estate planning attorney to ensure the amendment is properly signed and, if required in your state, witnessed or notarized.
Beyond the Paperwork
Changing a successor trustee isn't just a legal transaction; it's an opportunity to strengthen your overall trust plan. Your Portland, Oregon estate planning attorney can help you:
Arrange a meeting with your new successor trustee to review your trust's purpose and your wishes
Create a "trustee letter" with helpful information about your assets, accounts, and intentions to provide valuable guidance
Provide your new trustee with contact information for your professional advisors for additional support
Consider whether other elements of your trust should be updated as well
Remember, your living trust should evolve as your life does. Taking the time to ensure the right people are in place to carry out your wishes is one of the most thoughtful gifts you can give your loved ones. If you're considering a change to your successor trustee, our team is here to help ensure your changes are properly documented and your trust continues to serve your needs.
Contact our office today to schedule a consultation with an experienced Portland, Oregon estate planning attorney who can guide you through this important process.
If you want to get started on your estate plan, read about our estate planning services and schedule an appointment.
To your family's health + happiness.
~Candice N. Aiston