Trust Administration

One of the great benefits of the Living Trust is its ability to handle the transition of control quickly and inexpensively, so that legal matters will not add further troubles to already difficult circumstances. No Court proceedings are required for the Successor Trustee to assume the office of Trustee. The succession to office occurs automatically, by operation of trust law.

There are, however, three types of actions that must be taken by the Successor after assuming the office of Trustee: (1) inform all banks, stock brokers, or other parties doing business with the Trust assets that there has been a change of Trustee; (2) Establish proper accounting records; and (3) Keep the Trust beneficiaries informed about your administration of the Trust.

Our office can help guide you through the challenges of becoming a successor trustee.

First, there is the person who originally set up the Trust to handle his or her affairs.  This person is referred to as the “Trust Maker”, “Grantor”, “Settlor” or “Grantor.”

Second, there is the manager of the Trust referred to as the “Trustee”.     When the Trust is set up, usually the Grantor(s) act as initial Trustee(s).   Once the initial Trustee becomes too ill, disabled, incapacitated, dies, or for any other reason is unable or unwilling to act, then the “Successor Trustee” named in the Trust document is to take over.

A Successor Trustee is appointed by the Trustmaker or Grantor to take over in case of incapacity or death.  The Successor Trustee must follow the wishes and intentions of the Grantor(s) as outlined in the Trust document.

One of the great benefits of the Living Trust is its ability to handle the transition of control quickly and inexpensively, so that legal matters will not add further troubles to already difficult circumstances.

To become the Successor Trustee, no Court proceedings are required as the succession to office occurs automatically, by operation of trust law.