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Simple English definitions for legal terms

Successor Trustee

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A quick definition of Successor Trustee:

A successor trustee is someone who takes over managing a living trust when the original trustee can no longer do it. This can happen if the original trustee dies or becomes unable to manage the trust. The successor trustee's responsibilities depend on what the person who created the trust (called the Grantor) wrote in the trust document. They only have the powers that the trust document gives them, and they only become the trustee when the specific event that the trust document describes happens.

A more thorough explanation:

Definition: A successor trustee is a 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).

For example, in Missouri, a successor trustee is a substituted trustee with only such powers as the deed of trust instrument gives him, and he becomes such only upon the happening of a contingency therein named. This means that the successor trustee only has the powers that are specifically outlined in the trust document and only takes over when the original trustee is no longer able to fulfill their duties.

Another example of a successor trustee's responsibilities could be to distribute the assets of the trust to the beneficiaries according to the instructions left by the Grantor. This could include selling property, managing investments, and making sure that all debts and taxes are paid before distributing the remaining assets.

Overall, a successor trustee plays an important role in ensuring that the wishes of the Grantor are carried out and that the trust property is managed properly.

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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