Who Is The “Successor Trustee?”

A trustee is the person named at the time the trust is created to be responsible for the trust assets. Typically, the person creating the trust names themself as the initial trustee so they retain all control over their assets while they are alive. When the person who created the trust dies, they no longer serve as trustee. At this point, a successor trustee must be appointed. This is usually another person or financial institution named in the trust when it is created. A successor trustee steps into the shoes of the initial trustee to carry out the decedent’s wishes, manage trust assets accordingly, and ultimately administer the trust when all trust creators have passed (such as in the case of a married couple creating a trust). Depending on the parties named in the trust, the person administering the trust could be an initial trustee (if the trust creator named a third party initial trustee, for example), or a successor trustee stepping in. Weiner Law 12707 High Bluff Drive Ste. 125 San Diego, CA 92130 (858) 333-8844 https://weinerlegacylaw.com/

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