When you write your will, you will need to name a personal representative that will be managing probate and the estate administration process. Similarly, when you create a trust, you will need to name a trustee to oversee and manage its contents for the benefit of your heirs and beneficiaries. Certain types of trusts allow you to act as your own trustee, but you will still need to select a successor trustee to take over once you have passed away or are no longer able to communicate. 

Many people instinctively think to name a loved one as their personal representative or trustee. While this is a nice sentiment that can create continuity in a family, it can also have unintended consequences. 

Serving as a personal representative or trustee is a tall order that carries a tremendous amount of responsibility. Personal representatives and trustees can be subject to heavy scrutiny, and their actions are highly regulated. Trustees can be held liable for their actions – including mistakes that result in mismanagement of trust assets.

In other words, you should generally only appoint a family member, close friend, or another loved one to take on these roles if they have a complete understanding of what will be required of them. Ideally, they will be well-versed in the laws that regulate their behavior when serving as your fiduciary. Appointing someone who is unprepared to fulfill their duties can result in unfortunate legal and financially damaging consequences.

Alternatively, our lawyers can serve as your personal representative or successor trustee. Our Reston fiduciary services include assistance with estate and trust administration. We can also provide guidance and representation to existing personal representative and trustees that need assistance carrying out their fiduciary responsibilities.