What are the duties of a successor trustee?

A successor trustee is someone who takes over the responsibility of a trust if the original trustee is no longer able or willing to manage it. In Minnesota, the duties of a successor trustee include: 1. Ensuring that trust assets are managed according to the instructions in the trust document. This includes properly managing investments, paying taxes, and distributing trust assets to the beneficiaries as directed by the trust document. 2. Keeping detailed records of all transactions related to the trust and filing any required tax returns. The successor trustee should be familiar with all relevant trust policies and procedures, as well as applicable laws. 3. Providing regular reports to the beneficiaries about the trust. These should include information about financial performance, trust assets, and the trustee’s actions. 4. Resolving any disputes or disagreements between beneficiaries or trust advisors. 5. Terminating the trust when all trust assets have been distributed and all accounting and tax filing obligations have been met. Successor trustees have a fiduciary duty and are held to a high standard of care. As such, they must always act in the best interests of the trust beneficiaries and exercise due care and good faith in all duties and decisions.

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