Being named as a successor trustee is an honor and a responsibility. Understanding your duties is essential.
What Is a Successor Trustee?
The person who takes over managing the trust when the original trustee dies or becomes incapacitated.
Key Responsibilities
Locate Trust Documents
Find the original trust document, amendments, and asset records.
Notify Beneficiaries
Inform all beneficiaries of the trust and their interests.
Inventory Assets
Create a complete inventory of all trust assets.
Pay Debts and Taxes
Handle any outstanding debts and file required tax returns.
Manage Assets
Invest and manage trust assets prudently during administration.
Distribute Assets
Transfer assets to beneficiaries according to trust terms.
Trustee Standards
Fiduciary Duty
You must act in the best interests of beneficiaries, not yourself.
Prudent Management
Manage assets as a prudent person would their own.
Impartiality
Treat all beneficiaries fairly.
Getting Help
Successor trustees can hire professionals for help. Pioneer Credit Solution connects you with resources. Call 1-888-271-2293.