A Trust is a fiduciary agreement by which a Grantor (sometimes called Trustor or Settlor) appoints a Trustee to manage and distribute the trust assets. Usually, the initial Trustee is the person who establishes the Trust.

Being appointed as a Successor Trustee of someone else’s Trust is a great honor, but it also comes with great responsibility.

You may become a Successor Trustee when the initial Trustee is unable or unwilling to serve as Trustee due to incapacity, illness, or death. A Successor Trustee is usually appointed in the Trust. As a Trustee, you have legal responsibilities to manage the Trust assets, make distributions according to the terms of the Trust, and comply with state laws.

After the Grantor dies, the Successor Trustee must settle the Trust Estate. The Trust Estate are the assets held in the name of the Trust.

The Successor Trustee’s responsibility is to continue managing the trust assets, settle all debts, pay and file taxes, transfer title to real property, prepare trust accountings if required, and distribute assets to the beneficiaries named in the Trust according to the terms of the Trust.

Trust administration varies from Trust to Trust.

However, there are general duties all Trustees must comply with, like providing legal written notice to all the trust beneficiaries and the Grantor’s heirs at law.

If you need assistance performing your duties as Successor Trustee, please do not hesitate to contact us. Unlike other law firms, we do not charge based on a percentage of the value of the Trust Estate but on the work we perform.