A Successor Trustee is the person responsible for administering the trust after its Grantor either passes away or becomes “Incapacitated” – that is, unable to administer the trust for themselves.
Does a successor trustee become a trustee?
A Successor Trustee is almost always named to ensure the Trust will still be managed after the death of the Grantor or initial Trustee. The successor’s responsibilities will be the same as that of the Trustee — though they often have the added task of settling the Trust.
Who should be the successor trustee of my revocable living trust?
If you choose to include a revocable living trust in your estate plan you will need to appoint a trustee to oversee the administration of the trust. You should also appoint a successor trustee for your trust. Who you should appoint as the successor trustee depends on several factors.
How to determine the identity of a successor trustee?
You should carefully review the Trust Agreement to determine the identity of the Successor Trustee, the identities of all beneficiaries of the trust and the plan of distribution the decedent intended. You should make a list of the beneficiaries with their names, addresses, phone numbers, e-mail addresses, age and social security numbers. 2.
Can You appoint more than one trustee to a living trust?
In many cases, you have the option to appoint more than one successor trustee in your trust document. Trustees need to agree and sign off on all financial decisions, so having more than one or two trustees can significantly slow down and complicate trust administration. Generally speaking, the first trustee of your living trust is — you.
Can a person serve as a trustee of an irrevocable trust?
Irrevocable trusts can have successor trustees, but the term has a slightly different usage. When you create an irrevocable trust, you don’t have the ability to serve as your own trustee while you’re alive. You must choose someone else to serve as your trustee.
