What are the duties of a successor trustee?

A successor trustee is a person appointed to take over the duties of a trustee, such as managing a trust estate, upon the death or removal of the previous trustee. In California, the duties of a successor trustee are delineated in the laws of probate. The most important duty of a successor trustee is to ensure that the trust assets are managed in compliance with the terms of the trust. This means that the successor trustee must put trust assets to their intended use, including protecting, preserving, and investing assets as appropriate. The successor trustee must also assess any claims against the trust, making payments for debts or taxes out of trust assets as appropriate. Furthermore, the successor trustee should assess the value of trust assets and make decisions regarding how to invest them in order to maximize the potential return for beneficiaries. The successor trustee must distribute assets of the trust according to the terms of the trust, which may include making distributions to the named beneficiaries or investing trust assets for the benefit of the beneficiaries. The successor trustee also has an obligation to report to the beneficiaries about the status of the trust and make sure that privacy is maintained in matters concerning the trust. The role of a successor trustee is important and requires someone with knowledge of the law and the ability to adhere to the trustees’ fiduciary obligations. Successor trustees have the responsibility to uphold the wishes of the trustor, while also protecting the rights of the beneficiaries.

Related FAQs

What is probate avoidance?
Are there any special rules for the sale of real estate by an executor?
What is a probate estate?
What is a small estate affidavit?
What documents need to be filed with the court?
How many executors can be named in a will?
How is a will interpreted?
When is probate required?
What is a trust protector?
What are probate fees?

What are the duties of a successor trustee?

Related FAQs

Related Blog Posts