A major decision that needs to be made when establishing a revocable trust is, who should be your successor trustee?  A successor trustee is the person or people who will step in to manage your trust in the event you become incapacitated or pass away.  In general, most people immediately look to a close family member or possibly friend they trust and who will likely not charge for their time managing the trust. That way of thinking is of course better than selecting someone untrustworthy or irresponsible.  However, I would strongly recommend taking a more thoughtful approach when deciding who will be your successor trustee.

That question causes most people a certain amount of anxiety if they have not gone through the process. People often want to avoid the topic completely because of the heavy topics it entails. Very few people like to think about their own passing, their finances, and how their assets and debts will be distributed to their family members. If you are one of those people who always finds a reason to avoid the topic of estate planning, there is some good news and bad news for you.

We have discussed in previous blog posts the rise in university academic violations stemming from the use of artificial intelligence by students. ChatGPT is the typical culprit used by students to gain an unfair advantage when completing their assignments. On an interesting note, we have a novel situation out of the University of North Georgia. Marley Stevens, a student, faced an academic violation for her use of Grammarly. If found guilty she faces academic probation and the loss of a scholarship.

Honor Code Violations are a serious matter. No one wants to receive an email informing them they will have to appear in front of their University’s Honor Council for suspected honor code violations. After receiving that communication most people scramble to understand the honor code rules and the Honor Council’s administrative process. Then most students want to understand the potential penalties if a violation is determined to have occurred.

A major decision that needs to be made when establishing a revocable trust is, who should be your successor trustee? A successor trustee is the person or people who will step in to manage your trust in the event you become incapacitated or pass away. In general, most people immediately look to a close family member or possibly friend they trust and who will likely not charge for their time managing the trust. That way of thinking is of course better than selecting someone untrustworthy or irresponsible. However, I would strongly recommend taking a more thoughtful approach when deciding who will be your successor trustee.