What are the duties of a successor trustee?

A successor trustee is a person or legal entity that succeeds in managing and disbursing the assets of a trust when the original trustee is no longer able to do so. In the state of Indiana, a successor trustee is responsible for ensuring that the wishes of the deceased are carried out in accordance with their trust. This includes managing and distributing the assets of the trust with the utmost care and fidelity. The duties of a successor trustee can include accepting the trust and its assets, taking an inventory of all assets and making any necessary changes, making sure that any debts or obligations of the trust are paid out, submitting the trust to the probate court, notifying the beneficiaries of the trust, and managing the investment of the trust assets. Additionally, the trustee must make sure that the beneficiaries receive their rightful share of the trust property and income, file any tax returns on behalf of the trust, make sure that all assets are correctly transferred to the beneficiaries, and administer any distributions from the trust. Finally, it is the role of the successor trustee to make sure that all of the above tasks are completed in accordance with the trust document and the wishes of the deceased. The trustee must make sure that they act in a responsible and timely manner in order to ensure that the estate and its assets are distributed appropriately. It is important that they remain impartial and unbiased to ensure that all beneficiaries are treated fairly and that the trust property and income are handled with the utmost integrity.

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What are the duties of a successor trustee?

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