What does it mean to be a successor trustee?

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.

Is Successor trustee same as trustee?

The trustee manages the assets that are in the trust. Many grantors choose to be the trustee and continue to manage their affairs for as long as they are able. A successor trustee is named to step in and manage the trust when the trustee is no longer able to continue (usually due to incapacity or death).

When does a successor trustee need to be named?

A successor trustee is named to step in and manage the trust when the trustee is no longer able to continue (usually due to incapacity or death).The beneficiaries are the persons or organizations who will receive the trust assets after the grantor dies.

Who is the successor trustee for Jim revocable trust?

Jim’s revocable trust contains a provision that allows his spouse, Jane, to remove and replace any acting successor trustee. When Jim dies and his trust had the old firm still named, even though he no longer had a professional relationship with that institution, Jane could name the firm where their longstanding financial planner, Thomas worked.

Can a grantor appoint or remove a trustee?

Generally speaking, a living trust’s grantor (the person who created the revocable living document) may appoint or remove trustees during their lifetime without hiring an attorney. The grantor can accomplish this by either creating an amendment to it or by revoking the original document and creating a new trust.

Who is responsible for settling a trust after death?

Your successor trustee is responsible for settling your trust or continuing to manage it for you after your death — exactly which would depend on the terms you set for your trust in its formation documents, called a trust agreement.