The roles of successor trustee and executor involve considerable time expended in preparation of financial analyses and spreadsheets; shepherding of assets; searching for and tracking down lost information; tax reporting; traveling to financial, debt related, creditor and other business entities for research; evaluating, repairing and making decisions concerning real and personal property; determining status and then preparing an accounting to beneficiaries to provide status of the trust estate – this takes time and acumen that the successor agent might not have, or not have realized.

When family members are appointed to bear the burden, subjective interpersonal relationships may get in the way of decision making that requires clear thinking and objectivity.  Often the unresolved familial emotional issues (“Mom always loved you best”) and lingering grief issues may create dynamics that interfere a successor’s ability to complete proper, timely and necessary trust management.  In addition, it can subject the fiduciary to liability. Using Santa Barbara Fiduciary as a independent, objective consultant, especially when it comes to making discretionary decisions about how and when beneficiaries receive trust assets, ensuring that tax and legal obligations are met and to ensure that the specifications spelled out in the trust are followed benefits everyone.  

There are deadlines to be met and rules to follow. Getting up to speed can be daunting when dealing with the added responsibilities of serving as successor trustee, on top of already established (and often busy) life commitments.

Many times the designees are not proximately located near the assets.This increases the difficulty of managing/maintaining them, dealing with agents and handling other trustee and executor responsibilities.