Equal Isn't Always Best For Your Living Trust

Dividing up responsibilities equally between your children isn't always the best choice when it comes to managing your estate. In this video, I explain how revocable living trusts work, what it actually means to name a successor trustee, and how to evaluate whether one person or multiple people should be in that role. I'll walk you through six qualities to look for in a trustee and the pros and cons of a single versus co-trustee arrangement. Make sure to stick around to the end where I reveal the single biggest mistake that can make even the best estate plan completely worthless. If you've ever thought that treating your kids equally means giving them equal responsibility, this video will give you something to think about before making that assumption. Timestamps: 00:00 Intro 00:59 What Is a Trust? 01:58 6 Qualities to Look For 03:29 Single Trustee: Pros 04:12 Single Trustee: Cons 05:02 Co-Trustees: Pros 06:25 Co-Trustees: Cons 08:10 The Biggest Mistake DISCLAIMERS & DISCLOSURES: This video is for educational and informational purposes only and should not be considered tax, legal, or investment advice. All investing involves risk, including the possible loss of principal. Past performance does not guarantee future results. The information shared is general in nature and based on sources believed to be reliable, but accuracy and completeness are not guaranteed. Examples are for illustrative purposes only and do not represent recommendations or endorsements. Please consult your own tax or legal professionals regarding your specific situation. Securities and Advisory Services offered through LPL Financial, a registered investment advisor. Member FINRA & SIPC. Financial planning offered through Island Wealth Management, a registered investment advisor and a separate entity.