Serving as a successor trustee is much easier when the right records are already organized and accessible. If you have created a trust, gathering a few important items now can help the person you choose understand your wishes and manage your trust without unnecessary delays.
Here are the key records you should prepare beforehand.
Trust document
Your trust document should be the first record your successor trustee receives. It outlines their responsibilities and explains how the trust should be managed. It also identifies your beneficiaries, describes how assets should be managed or distributed and includes any instructions that guide trust administration.
If you make changes to your trust over the years, keep the most current version together with any amendments. That helps prevent confusion about which instructions apply.
Financial records
An organized list of your accounts helps your successor trustee identify and manage trust assets. Instead of searching through years of paperwork, they can quickly determine what belongs to the trust and where it is held.
Consider keeping together:
- Recent bank and investment account statements
- Retirement account information
- Life insurance policies owned by the trust
- A list of financial institutions and account numbers
Updating this information from time to time can help prevent overlooked assets and reduce confusion with your overall estate plan.
Property records
Ownership records make it easier to identify property that belongs to the trust. Depending on what you own, this could include deeds, vehicle titles or paperwork for other valuable assets.
Keeping these records together also helps your successor trustee determine whether property needs ongoing maintenance, insurance or eventual transfer according to your wishes.
Contact information and key instructions
A simple contact list can save your successor trustee valuable time when questions arise. Include the names and contact information for professionals who have helped with your planning, such as your attorney, accountant or financial advisor.
You can also leave practical details, such as where you store original paperwork, how to access secure records and any important deadlines related to trust administration.
Help your successor trustee prepare
Taking time to organize these records now can make trust administration much smoother for the person you choose to serve. You can also speak with an attorney if you are unsure whether your current documents include everything your successor trustee will need.
