What are the duties of a successor trustee?

A successor trustee in Virginia is a person or entity designated to manage the trust if the original trustee dies, becomes incapacitated, or resigns. The duties of a successor trustee are to make sure that the deceased’s debts and taxes are paid, determine and supervise the distribution of assets to the beneficiaries, and manage and protect the trust assets. In Virginia, the successor trustee is responsible for settling the estate. This includes collecting all assets, paying any debts and taxes, and then distributing the assets according to the instructions in the trust document. A successor trustee also has to account for all the assets, and make sure the beneficiaries receive the correct amounts. The successor trustee must also direct investments in the trust, prepare annual tax and accounting records, and protect the trust assets against loss. In addition, the trustee must ensure that all trust assets are kept separate from the personal assets of the beneficiaries. Lastly, the successor trustee must act in the best interests of the beneficiaries. This includes honoring their wishes, dealing with disputes, and remaining impartial in all matters related to the trust. It is important for a successor trustee to be familiar with Virginia probate law, so that they can conduct their duties with accuracy and integrity.

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