Definitions for "SUCCESSOR TRUSTEE"
Related Terms:
Inter-vivos trust, Living trust, Revocable living trust, Spendthrift trust, Revocable trust, Inter vivos trust, Distributee, Testamentary trust, Pour-over will, Decedent, Irrevocable trust, Testamentary trustee, Settlor, Trust, Heirs, Testamentary, Residuary beneficiary, Heir, Inter vivos, Irrevocable living trust, Blind trust, Revocable, Ancillary probate, Power of appointment, Remainderman, Spendthrift provision, Trusts, Intestacy, Residuary, Qualified personal residence trust, Bypass trust, Qualified terminable interest property trust, Intestate, Ab trust, Administration, Qtip trust, Trustees, Personal representative, Bequest, Executor, Remainder beneficiary, Probate estate, Trustee, Fiduciary, Co-trustee, Donee, Intestate succession, Qprt, Pretermitted heir, Protector
The successor trustee is the person who assumes control of the trust after you, the initial trustee, die. The successor trustee makes sure that your estate is distributed among your beneficiaries according to the terms of the trust. Usually the successor trustee is someone that you know well and trust.
A trustee following the original or prior trustee, appointment provided for in the trust instrument.
The person (or institution) who takes over as trustee of a trust when the original trustee(s) have died, resigned, or become incapacitated.
A trustee who follows the original or prior trustee.
A trustee who follows or succeeds an earlier trustee.
The person designated in a Trust to replace the original trustee or another successor trustee when the prior trustee is unable to serve.
Any person appointed to handle a trust after the death or disability of the trustor.
Person or institution named in the trust document who will take over should the first trustee die, resign, or otherwise become unable to act.
The person designated in the document or named later who assumes the duties of trustee after the death, incapacity, or resignation of the original trustee.
or Executor An individual or institution that takes the place of a trustee or executor who no longer holds office.
A person named to succeed to the fiduciary position of trustee upon the death or disability of the initial trustee.
The person, or people, you designate to manage your trust if something happens to you.
Under a self-declaration of trust, the backup to the grantor, who is the initial trustee. The document can provide for successors to act individually or collectively. The same holds true for other fiduciaries.
The designated person or institution who will assume administrative responsibilities if the grantor or first-named trustee should die or become unable to perform his or her duties.
The person or institution who takes over the management of trust property when the original trustee has died or become incapacitated.