Successor Trustee Forms For Trustees
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FAQ
The successor trustee may be the primary beneficiary of the trust. However, the successor trustee can be anyone you trust. For example, the successor trustee can be a close friend, an adult child, your spouse, your lawyer, an accountant, or a corporate trustee.
For example, the successor trustee can be a close friend, an adult child, your spouse, your lawyer, an accountant, or a corporate trustee.
Successor Trustee is the person or institution who takes over the management of a living trust property when the original trustee has died or become incapacitated. The exact responsibilities of a successor trustee will vary depending on the instructions left by the creator of the trust (called the Grantor).
Grantors can choose to nominate a close relative, family friend, or even financial institution to take on the role of Successor Trustee. A Grantor will name their Successor Trustee within a document called a Declaration of Trust, which is also where their role will be explained.
Successor trustees are typically granted immediate access to the assets held by the trust upon accepting their appointment; what they can do with these assets and their rights to withdraw money from a trust, however, are limited.