Perhaps you have a simple estate consisting of your home, a single-family residence, a rental home, three bank accounts and a three-year-old car. That would not be too complicated to handle among your three children, assuming they all get along and you have designated in your trust that each will receive one-third after taxes, if any, are paid. This would be a no-brainer.

But let's assume your holdings are far more and include proportional interests in businesses, shopping centers and developments, as well as shared ownerships including leases and stipulation agreements that keep your estate from making independent decisions to sell or refinance. Or let's assume you have stipulated to maintain an ongoing investment strategy.

Are there multiple beneficiaries? Are there nonprofits receiving financial benefits or property? Are there insurance policies? Are there gifts that were made prior to death and are factored into the intended division of proceeds? Or loans that come due at various times, possibly with prepayment penalties?

Some revocable living trusts are complex or may be designed to benefit heirs for many years to come. If you anticipate that your trust will endure for many years, it might be to everyone's benefit to choose a trust company or bank as your successor trustee. Those institutions are equipped to provide long-term administration, and they generally offer high levels of accountability and oversight. In addition, corporate fiduciaries have the following qualities:

— They are competent to handle finances and will follow the trust instructions.

— They have the time and interest to take on the role.

— They will avoid family conflict by being unbiased and unemotional when making decisions.

— They won't die or become incapacitated.

— They act objectively when following instructions.

— They keep detailed records and have estate administration, tax and investment expertise.

Sometimes a professional who is familiar with your estate plan is a good choice as long as there is no conflict of interest. That professional could be your financial advisor, a tax professional or a combination. Regardless of who you choose, the basic qualities of a good successor trustee remain the same: integrity, good judgment and objectivity.

Consider hiring a professional trustee if there is no friend or family member who could act as trustee. Research possible institutions, and ensure that each has an experienced trust department with a good reputation.

Evaluate your potential trustees' financial and legal background. A trustee may be required to invest the trust property and enter legal agreements on the trust's behalf. A good trustee is familiar with the financial and legal world. You should choose someone who is organized, has experience in financial matters and has the time to manage the trust. Consider their education, profession and how they handle their own assets. Those with a poor financial and legal background should not be chosen.

Avoid people who are beneficiaries of the trust or have a strong relationship with a beneficiary. For example, a beneficiary's spouse may not be a good choice.

You have the option of selecting a primary trustee and an alternate, or choosing co-trustees to manage your trust together.

From conversations and personal experience, you should determine that your successor trustee is responsible and will carry out your wishes, exercise sound judgment and, when necessary, seek professional advice.

For more information, please call Ron Wynn at 310-963-9944, or email him at Ron@RonWynn.com. To find out more about Ron and read his past columns, please visit the Creators Syndicate webpage at www.creators.com.