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What Does a Successor Trustee Do?

Sun, May 15, 2022 at 2:55PM

What Does a Successor Trustee Do?

A successor trustee is a person appointed by the court to take over the duties of a trustee when that person dies or becomes incapacitated. The successor trustee will take care of all of the duties of the original trustee until a permanent one can be named by the court. If you are appointed as a successor trustee, a wills attorney in Daytona Beach can help you understand your responsibilities. 

What Is a Successor Trustee?

A successor trustee is a new person who takes over the role of the original trustee under the trust. The original trustee can be any person, including you, or an institution like a bank or trust company. The successor trustee replaces the original trustee when he or she dies, resigns, or becomes unable to fulfill their duties.

When Does a Trustee Assume Their Duties?

A successor trustee typically assumes his or her duties after the death of the original trustee. However, if your will names a successor trustee, you may want to consider naming another person as a co-trustee to ensure that both parties will be involved in managing the trust.

What Are the Responsibilities of a Successor Trustee?

The role of a successor trustee depends on how much work needs to be done, how much time it will take for them to understand their responsibilities, and whether they're named in your will or by a separate writing, such as a deed or contract. Some people name one person as successor trustee in case something happens to them. Other people name several different successors in case something happens to them all at once.

Understanding Probate in Volusia County

As a successor trustee, it's important to understand probate in Volusia County and what it means for your situation. Probate is a process where an executor or administrator is appointed by a court to manage an estate when no will has been left behind by someone who passed away. A probate court will appoint an executor or administrator if there's no other way to handle affairs without court supervision.

You should know that there are two kinds of probate in Volusia County:

  1. Ancillary Probate: Used when a person dies without a will or with a will that does not clearly define who inherits the property
  2. Intestate Probate: Used when someone dies without leaving behind an estate plan or any heirs who can take care of their affairs for them

It's important to note that anyone can appoint someone else as their successor trustee; they don't have to go through any kind of official process. However, if you have been appointed a successor trustee, it's important that you understand what your responsibilities are so that you can perform your duties properly when necessary.

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