The position of successor trustee is of utmost importance since the Trustee must impartially manage, invest, safeguard and eventually distribute the trust property in accordance with the Living Trust agreement. Trustees do not have to have intense investment knowledge as long as the Trustee knows when and whom to hire to assist them with the Trustee's investment duties. Above all, a Trustee must have integrity and be knowledgeable about fiduciary responsibilities to the beneficiaries along with a good understanding of sound financial practices. Since a Trustee's charge is to manage the trust property, the Trustee must be above reproach in financial dealings and be able to responsibly manage various types of trust property.

More discussion on Living Trusts and Trustees can be found in our sections on avoiding probate through Living Trusts ("Living Trusts"), "Probate - Understanding Living Trusts", "How you can Avoid Probate, Save Taxes and More", "What's so bad about Probate", "Doesn't Joint Ownership Avoid Probate?" "Probate - if something happens to me, who has control?," "Probate - how can a living trust save on estate taxes?" We also offer instructions on choosing a Trustee, the responsibilities of a Trustee and provide the Trustees guidance during the time they serve as Trustee.