Scott Schomer of the Schomer Law Group answers the question “Can I serve as my own Trustee of my Living Trust”. For more information, please call (310) 337-7696 or visit www.schomerlawgroup.com.
One of the questions I frequently get asked is, “who will be the trustee of my trust?” Well the good news is, for most people, you will be the trustee of your own trust. You will be in charge of your assets, and you will maintain complete and absolute control of the assets while you’re able to do so. Now what happens if you become incapacitated or you pass away at some point in the future? Well with a living trust, you will have designated a successor trustee. And for most of our clients, it’s going to be a trusted friend or relative, maybe a son or a daughter, maybe a brother. Rather than turning to somebody outside the family, you pick an individual that you have confidence will manage the assets with the same degree of care that you exercised during your life. A fiduciary trustee position is nothing to be afraid of, and we can counsel you through and help you deal with any of the intricacies related to that position.