What are the Successor Trustee’s duties?
The Successor Trustee will be responsible for handling the collection of the trust’s assets, the management of the estate, and the payment of any debts and taxes until such time as all creditors’ claims are satisfied and the business of the estate is completed. An inventory of all of the assets in the trust is typically the first official act of a Successor Trustee. The Successor Trustee is then generally empowered to distribute all of the remaining property to the persons or organizations named in the trust. There are no court proceedings necessary for the Successor Trustee to carry out his or her duties.
