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A revocable trust is often recommended as a property management device during life, so that if the client becomes incompetent or simply no longer wishes to attend to financial affairs, the co-trustee or successor trustee can step in and handle things. Someone referred to as the successor trustee or administrative trustee is chosen by the individual who is setting up the trust-based estate plan as his personal executor. 3) Designating a corporate trustee does not remove the need to designate a successor trustee or a mechanism for selecting a successor trustee. |
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