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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Estate Law
Satisfied Customers: 117383
Experience:  Experienced in Trust and Succession Law, including Louisiana Laws
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Hello. Our attorney and I are in the process of updating my

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Hello. Our attorney and I are in the process of updating my husband's and my revocable trust and other documents, as I have taken over as sole trustee due to his incapacity. Initially my intention was just to be sure everything is current in order to ensure a seamless transition to our successor trustee in the event that I become incapacitated. However, in considering this I've realized that I want to have our not inconsiderable assets (rental real estate as well as liquid assets) managed NOW by a professional acting in the capacity of trustee. The trust currently reads that in the event that we are BOTH incapacatated, our successor trustee is first the attorney, and the next trustee is to be a "corporate fiduciary" selected by the attorney "in consultation" with a majority of my husband's children (he has four children), but until then I can identify a successor trustee at any time. I'm guessing that this means I can identify the successor trustee and then do the same thing my husband did--i.e., resign, but I'd really like to identify the successor trustee and turn it over to them temporarily, or make them a "co-trustee" of some sort until I'm incapacitated. With all that said, how do I identify such an institution? Please advise, thank you!
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Generally, the corporate fiduciary trustee services are all run through the major national banks who have trust divisions and they provide the corporate fiduciary services. Aside from bank trustee services, the rest of them are attorneys and usually the local banks are better due to the heavy state and federal regulation on their actions, where selecting an attorney can cause problems later down the line as they do not have the same oversight.

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