Legal Question in Wills and Trusts in Indiana
Successor Trustee Definitions
My parents are currently redoing their will and my sister is named as trustee because she lives close to them and can sign for checks as power of attorney if the second becomes incapacitated. I am named as a successor trustee. What's the difference for me if named successor trustee on the first to die or successor trustee on the second to die ?
What impact to me would be most beneficial to my parents and myself in the matter ?
1 Answer from Attorneys
Re: Successor Trustee Definitions
There is not really any difference that could be appreciated as beneficial to you or your parents. Being a trustee is not what benefits a person. It involves duties and obligations of managing wealth for another's benefit during that person's lifetime. If you live in another state, it merely becomes burdensome in some cases to take care of affairs. You may be confusing the effects of being a beneficiary with that of being the person in charge.
Related Questions & Answers
-
Handwritten Are handwritten wills legal in the State of Indiana? Asked 4/14/04, 8:46 am in United States Indiana Probate, Trusts, Wills & Estates