Successor Trustee For Irrevocable Trust
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FAQ
A trustee, who can either be the trustor or another responsible party, may be appointed while the trustor is still alive; a successor trustee is charged with administering a trust after the trustor or the appointed trustee (if they are different from the trustor) becomes incapacitated or dies.
A Successor Trustee is the person responsible for administering and settling a Trust after the creator (called the Grantor) of the Trust dies. A Successor Trustee is also responsible for the Trust in the event the Grantor becomes incapacitated or unable to make decisions.
Sometimes, the best choice would be a corporate trustee. Seldom will the unguided grantor even think of using a team, which can include both various professionals and friends and family members.
Can the Successor Trustee Be a Beneficiary of the Trust? It's perfectly legal to name a beneficiary of the trust (someone who will receive trust property after your death) as successor trustee. In fact, it's common.
It is not unusual for the successor trustee of a trust to also be a beneficiary of the same trust. This is because settlors often name trusted family members or friends to both manage their trust and inherit from it.