When you set up a trust, you will designate who you want to be the successor trustee. This is the trustee who takes over management of the trust estate when you pass away. Now, best practice is to have multiple layers or multiple lists of trustees to take over. And so you’ll want person A to be first, person B to be second and so on.
Now in the event that you have a trust that does not have a trustee listed, so for example, you list person A and person A passes away and you don’t have a trustee next in line, the beneficiaries can petition the court to appoint a trustee. But, we want to avoid going to court to keep costs down. So you should have a first position, second position and third position.
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