What are the duties of a successor trustee?

A successor trustee is someone who takes over the duties of a trustee when the original trustee can no longer fulfill his or her duties. In South Carolina, the duties of a successor trustee include administering the assets of a deceased person’s estate according to the document known as a will. The successor trustee must identify, collect, and protect the assets of the estate. He or she must also perform accounting and administrative tasks associated with the estate, such as distributing assets to the named beneficiaries, filing taxes, and settling any debts of the estate. The successor trustee must also comply with any court orders regarding the estate and must follow the instructions in the will to ensure that the deceased person’s wishes are carried out. In addition, the successor trustee must provide accurate and timely updates and accountings to all interested parties. In essence, the successor trustee’s job is to make sure the deceased person’s assets are distributed properly and according to his or her wishes.

Related FAQs

How is an estate distributed if there is a will?
How is a will interpreted?
What is a probate estate?
What kind of documents is needed to prove will validity?
How are assets valued for probate?
What is a pour over will?
Are there any special rules for the sale of real estate by an executor?
How are creditors paid in probate?
What is a power of attorney?
How long does probate take?

What are the duties of a successor trustee?

Related FAQs

Related Blog Posts