Page 6 - Successor Trustee Handbook

Maintain the privacy of the Trustor’s assets and business, as well as his or her
last wishes.

Reduce estate taxes for a married couple.

Protect beneficiaries’ inheritance (If so designed) from the claims of
spouses, creditors, lawsuits, from losing needs-based government benefits,
and potential estate taxes when the original inheritor dies and passes the
assets down to the next generation.

Both individually and together, these benefits that may be derived from a properly drafted
and administered Living Trust-centered estate plan are substantial. It is very important
that you remember these benefits when you, as Successor Trustee, are dealing with the
work and paying the expenses, fees and costs that may be involved in the Trust
administration process. The work, expenses, fees and costs will almost always be far less
than they would have been if you had to undertake the administration of an estate
without a Trust and were forced to go to Probate Court! Also, keep in mind that a
properly qualified attorney can help take the burden of much of the work off of you and
assist you with your key decisions. Just because you have this Manual does not mean that
you are expected to do it all alone! In fact, the Trust enables you to employ and pay from
Trust assets the reasonable fees of professional advisors, including not only the attorney,
but an accountant, investment advisor, financial planner, real estate manager, appraiser,
and so on.

You, as Successor Trustee, have certain legal obligations to carry out and administer the
Trust on behalf of the Trustor and the beneficiaries. Your basic duties or actions will
fall into three major categories:

1. Collection, management and investment of assets;

2.Payment of debts, expenses and taxes;

3.Distributions to the beneficiaries.

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