San Diego County Real Estate Broker Michael Gaddis, J.D. recently interviewed Patricia A. Hodgkin, Vice President & Wealth Management Advisor for First American Trust® on “The Michael Gaddis Show” on KCBQ AM 1170 The Answer. The interview consisted of 3 radio segments roughly 12 minutes each in length. During this first segment Patricia Hodgkin describes what a “Successor Trustee” is and why they are an important component of estate planning. In a nutshell, when someone establishes a trust for their assets, they are able to be pick a “Trustee” who is in charge of administering the terms of the estate. Typically, the person administering the estate becomes the trustee while they are alive. Once they pass away, a successor trustee is established to run the estate as outlined in the trust. Pat Hodgkin of First American Trust works as an independent 3rd party to act as the successor trustee. During the interview, Patricia Hodgkin discusses why having a neutral 3rd party acting as your trustee can be extremely beneficial, and, in fact, prevent conflict among the beneficiaries of the trust. The show was extremely informative and Patricia Hodgkin did a great job of illustrating the importance and benefits of using an independent 3rd party as successor trustee.
Based in Carlsbad, Michael Gaddis, J.D. assists sellers and buyers of real estate from La Jolla to Oceanside to Poway and everywhere in between.