You will need to designate one or more successor trustees. These can be individuals, such as family members, trusted friends, trusted professionals, or you could designate an institution, such as a bank or professional trust company. Individuals may predecease you, while an institution will (most likely) still exist at the time of your death. Institutions provide the benefit of experience in money management and trust administration, while family members and close friends are more “personal” and have first-hand knowledge of your desires. If you choose an individual, the individual should have some business sense, or you might wish to name an individual and an institution as co-trustees. The down-side to co-trustees is the possibility of disagreements.
