If you are naming a corporate Trustee as successor Trustee of your revocable trust, there are a few things to keep in mind. Most corporate Trustees have a minimum set for value of assets held by the Trust. Corporate Trustees have specific language they will want to have included or excluded from the Trust. For example, several years ago, most trust companies would not accept Trusts without restricted behaviors clauses. Recently, the trend is the opposite. Many trust companies will not accept Trusts with restricted behaviors clauses. It is important to communicate with your Trust company and ensure they understand your intent, and ensure you agree with their trust management style. If you haven’t reviewed your Trust recently, please do so. Consult with your attorney and ask any questions you have regarding changes that may need to be made to your Trust document.
-Emily A. Helmick, Esq.