Is a successor trustee the same as a trustee?

Is a successor trustee the same as a trustee?

The trustee manages the assets that are in the trust. Many grantors choose to be the trustee and continue to manage their affairs for as long as they are able. A successor trustee is named to step in and manage the trust when the trustee is no longer able to continue (usually due to incapacity or death).

What is a contingent successor trustee?

What is a Contingent Successor Trustee? The Contingent Successor Trustee is the person who will step in to manage your Solo 401k should you pass away, or become incapable of continuing as trustee of the plan. This role is in addition to the beneficiary designation found in your Solo 401k documents.

What is the difference between an executor and a successor trustee?

A trustee is named under a Trust, and an executor is named under the Will – but both are charged with managing and disposing of assets after death. An executor operates under the supervision of the probate court. A successor trustee is answerable to the beneficiaries of the trust.

How does a successor trustee take over?

Successor trustees can take over immediately upon the death of the original trustor or the preceding trustee. If the original trustor or preceding trustee is still alive, but unable to handle their own affairs — due to dementia or Alzheimer’s, for example — the successor trustee may likewise take over.

What power does a successor trustee have?

A successor trustee is the person or institution that takes control of the trust assets when the original trustee dies, resigns, or becomes incapacitated. A successor trustee’s primary objective is to properly administer the trust assets according to the trust’s terms and in keeping with fiduciary standards.

What rights does a successor trustee have?

The Successor Trustee must act with the Trust’s beneficiaries in mind, and cannot make decisions for their own benefit (unless specified in the Trust). The Successor Trustee must then distribute property and assets to the correct beneficiaries, and ultimately close the Trust when specified.

Who has more power executor or trustee?

Your Executor, however, only has power over those assets not in trust, not held jointly, or not in an account with beneficiary designations. If you have a trust and funded it with most of your assets during your lifetime, your successor Trustee will have comparatively more power than your Executor.

Can a successor trustee sell property?

They must act solely in their capacity as trustee, and in the interest of the beneficiaries. A successor trustee seeking to sell real property on behalf of a trust may have to sign an affidavit indicating that they have succeeded the original trustee.

Do beneficiaries get a copy of the trust?

Under California law (Probate Code section 16061.7) every Trust beneficiary, and every heir-at-law of the decedent, is entitled to receive a copy of the Trust document.

Can you sell a house if it’s in a trust?

As the grantor, you can sell properties in a revocable trust the same way you would sell any other property titled in your own name. You can take the property out of the trust and retitle it in your name, but that isn’t necessary.

Why put a house in a family trust?

The advantages of placing your house in a trust include avoiding probate court, saving on estate taxes and possibly protecting your home from certain creditors. Disadvantages include the cost of creating the trust and the paperwork.

What happens if you are named as a successor trustee?

Obtain authority to serve as trustee. A. If you are named in the trust as the Successor Trustee, you will need to have evidence of your authority to act as Trustee. The banks, brokerage firms and other third parties will not give you information or allow you to transact business on behalf of the trust until they have these documents.

Who is the successor trustee of John Smith revocable trust?

Assume John Smith established the John Smith Revocable Trust during his life with himself as the Trustee of the Trust. There are Trust assets with a bank or other financial institution, the records of which list the trustee as John Smith. John Smith dies, and under the terms of the Trust agreement Mary Jones is the successor trustee of the Trust.

Who is the successor trustee of Jeffrey Burr?

Any search of the public records after the recording of the Affidavit will show that Mary Jones is the successor trustee and the one who has legal title to the real estate.

What do I need to become a trustee of a trust?

In most cases, you will need the following documents: • Original signed trust agreement and all amendments to it. • Acceptance of Trustee Form. By this document, you accept the appointment of Trustee of the trust and agree to perform all of the duties of the Trustee pursuant to the Trust Agreement and the law.