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LSDefine

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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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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