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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.