What Are the Duties of a Successor Trustee?
As a successor trustee, you'll be responsible for managing the trust's assets, paying bills, and making distributions to beneficiaries. Learn about your duties, powers, and responsibilities in this comprehensive guide.
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What Are the Duties of a Successor Trustee?
A successor trustee is responsible for managing and distributing the assets of a trust after the death or incapacity of the original trustee.
What are the powers and responsibilities of a successor trustee?
As a successor trustee, you'll be responsible for managing the trust's assets, paying bills, and making distributions to beneficiaries.
How do I keep accurate records as a successor trustee?
You'll need to keep accurate records, file tax returns, and communicate with beneficiaries and other stakeholders.
How do I file tax returns as a successor trustee?
As a successor trustee, you'll need to file tax returns and ensure that the trust's tax obligations are met.
How do I communicate with beneficiaries and other stakeholders as a successor trustee?
You'll need to communicate with beneficiaries and other stakeholders, including the original trustee, to ensure that everyone is informed and on the same page.
What are some common mistakes to avoid as a successor trustee?
Avoid common mistakes such as failing to keep accurate records, not filing tax returns, and not communicating with beneficiaries and other stakeholders.
How can I ensure that the beneficiaries receive their share of the assets?
By understanding your duties as a successor trustee, you'll be better equipped to manage the trust and ensure that the beneficiaries receive their share of the assets.
How can I create a comprehensive estate plan that meets my unique needs and goals?
At Rocket Lawyer, we're committed to helping you create a comprehensive estate plan that meets your unique needs and goals.
Ready to get started? Learn more about the duties of a successor trustee and how to create a trust that meets your needs.
