The revocable living trust is a popular estate planning tool that can be useful, even for those with modest estates. Assets transferred into your trust avoid the delay and expense of probate administration, and privacy for you and your family is maintained.

An important part of the trust agreement is designating who will manage your assets after your death or incapacity. Most individuals select a spouse, a child or a professional trustee as their successor trustee. However, this can be a difficult decision with many things to consider.

You might not be comfortable appointing a complete stranger to control the investments you have worked for over the last 50 years. Yet does your family have the expertise or the willingness to manage the estate? Ask these questions when naming a successor trustee to handle your affairs, whether you are considering a family member or a professional:

• Are family conflicts likely to arise because of who did and who did not get selected to manage the assets?
  
• Is the successor trustee capable of handling the filing and tax requirements involved?
  
• Does the person or institution named have experience in managing investments?
  
• Does the successor trustee have the time and expertise to handle all your estate will require?

Appoint a family member if you are confident in his or her ability as your successor trustee. If not, you should name a professional, such as a trust company. Another option is to appoint co-trustees. By selecting a professional and a family member to co-manage the estate, you will receive expert management and still have family involvement.

For more information, please contact North Central Trust Company at 1-800-658-9474 today!

The articles and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual.

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