Related Definitions
What is a Successor Trustee?
A successor trustee is appointed to replace a trustee if something happens to the primary trustee named in the trust, such as removal, incapacity, or death.
A person or entity named in a trust to take over the duties of trustee if the original trustee is unable or unwilling to serve, usually due to death, incapacity, or resignation. The successor trustee is responsible for managing and distributing the trust assets according to the terms set out by the grantor. Successor trustees play a critical role in ensuring the smooth transition of control over the trust and the proper fulfillment of the grantor’s wishes after their death or incapacity.
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