The Role of a Successor Trustee

The Role of a Successor Trustee

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Trusts are legal instruments that can benefit people as part of an estate plan. When you create a living trust, you will serve as the trustee while you are alive and have the mental capacity to do so. However, if something happens to you, you will need someone to take over as the successor trustee. It is important to understand this individual’s role so you can designate the right person. Administering the Trust There are many tasks involved in administering a trust following someone's death, and the specific responsibilities will vary depending on the circumstances of the trust. Some responsibilities might include: Managing the trust property, including making investment decisionsPaying all necessary bills and taxes from the trustKeeping beneficiaries informed of the state of the trust propertyDistributing trust property to…
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