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Book Summary
The Successor Trustee Handbook by Patrick Herring is a practical guide for anyone named as a successor trustee of a trust. It walks readers through the legal and administrative duties of trust administration, from accepting the role to distributing assets. Written in plain language, it helps non-professionals understand fiduciary responsibilities, avoid common mistakes, and manage the process with confidence.
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About The Successor Trustee Handbook: A...
The Successor Trustee Handbook by Patrick Herring is a comprehensive, plain-language resource for individuals who have been appointed to serve as successor trustee of a revocable living trust. Because most successor trustees are family members or friends with no legal background, the book explains fiduciary duties in accessible terms, covering the entire administration process: accepting the trusteeship, notifying beneficiaries, inventorying and managing trust assets, paying debts and taxes, keeping proper records, and making final distributions. Herring emphasizes practical risk management, showing readers how to avoid common pitfalls such as commingling assets, failing to communicate with beneficiaries, or missing tax deadlines. The handbook also addresses working with attorneys and accountants, handling difficult family dynamics, and understanding when professional help is warranted. It serves as both a step-by-step roadmap and a reference guide, helping readers fulfill their legal obligations while preserving family relationships and minimizing personal liability.
Who should read The Successor Trustee Handbook: A...?
This book is essential for anyone who has been named as a successor trustee and wants to understand their responsibilities before or during administration. It also benefits trust creators who want to prepare their chosen trustees, family members involved in estate planning, financial advisors, and paralegals seeking a plain-language overview of trust administration. Readers with no legal background will find the step-by-step guidance especially valuable, as will those who want to avoid costly mistakes and manage family expectations during a difficult time.
Pros & Cons
Pros
- ✓ Written in plain, accessible language for non-lawyers
- ✓ Covers the entire trust administration process step by step
- ✓ Provides practical tips for avoiding common fiduciary mistakes
- ✓ Addresses communication with beneficiaries and family dynamics
- ✓ Serves as a useful reference guide throughout the trusteeship
Cons
- ✗ Not a substitute for professional legal advice
- ✗ May not cover state-specific legal requirements in detail
- ✗ Focuses primarily on revocable living trusts, not all trust types
- ✗ Some readers may find the legal concepts challenging without guidance
- ✗ Limited coverage of complex tax situations or large estates
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Frequently asked questions
What is a successor trustee?
A successor trustee is the person or institution named in a trust to take over as trustee when the original trustee can no longer serve, often due to death or incapacity. They are responsible for managing trust assets and carrying out the trust's terms.
Do I need a lawyer to be a successor trustee?
Not always, but it is often wise to consult an attorney, especially for complex estates or legal questions. This handbook helps you understand when professional help is recommended and how to work effectively with legal and financial professionals.
What are the main duties of a successor trustee?
Key duties include accepting the role, notifying beneficiaries, inventorying and managing assets, paying debts and taxes, keeping accurate records, and distributing assets according to the trust's instructions. The book explains each step in detail.
Does this book cover tax issues?
Yes, it provides an overview of tax responsibilities, including filing requirements and deadlines. However, it is not a tax manual, and readers should consult a tax professional for complex situations.
Is this book state-specific?
The book offers general guidance applicable across states, but trust laws vary. Readers should check their state's specific requirements or consult a local attorney for state-specific advice.
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