If you’re named as successor Trustee for someone, what happens next? What are you supposed to do?

The role of a Trustee is essentially to manage the Trust. You will be tasked with a variety of responsibilities, such as:

  • Buying and selling real property
  • Opening bank accounts
  • Making deposits
  • Writing checks
  • Making distributions
  • and essentially anything else that requires a signature

You might be named as Trustee for a number of reasons. The person who established the Trust might simply be tired of managing it, and feel ready for you to take over. More commonly, however, you become Trustee because this person has become incapacitated or has passed away.

Whatever the reason, you have very specific responsibilities with regard to the Trust. There are legal duties that must be carried out, such as:

  • Giving notices to beneficiaries
  • Meeting required deadlines for giving accountings, reports, and notifications
  • Specific types of record keeping
  • Annual accounting
  • Meet various other requirements as set for by the Trust itself, as well as those listed in the probate code

It is an honor to be named a successor Trustee, but the role comes with a lot of responsibility. If you have any questions about your responsibilities, or about meeting those responsibilities legally, give us a call.