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A successor trustee who is dealing with a simple living trust, which is intended only to serve as a substitute for a will, can probably wrap up the job in a few weeks or months. Some trusts, however, are designed to last for many months or years.
This would eliminate the time a successor trustee would need to become knowledgeable about your trust, its assets, and the needs and personalities of your beneficiaries. It would also let you evaluate if this is the right choice to manage your trust in your absence. Naming someone else as trustee or co-trustee does not mean you lose control. The trustee you name must follow the instructions in your trust and report to you. You can even replace your trustee if you change your mind. Vickie Schumacher is the author of the best-selling book, âUnderstanding Living Trusts.Â®â The sixth edition is currently in production.