Successor Trustee Form
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People also ask
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How do I take over a successor trustee?
Successor trustees have to willingly accept their role — usually by signing a consent to serve or affidavit of appointment. If an existing trustee wishes to change their successor trustee, they must make an actual amendment to the trust. Most courts won't accept informal, self-made changes.
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Are successor trustees considered beneficiaries?
The successor trustee may be the primary beneficiary of the trust. However, the successor trustee can be anyone you trust. For example, the successor trustee can be a close friend, an adult child, your spouse, your lawyer, an accountant, or a corporate trustee.
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What is the difference between successor trustee and trustee?
A trustee, who can either be the trustor or another responsible party, may be appointed while the trustor is still alive; a successor trustee is charged with administering a trust after the trustor or the appointed trustee (if they are different from the trustor) becomes incapacitated or dies.
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Does a successor trustee have access to a bank account?
As a successor trustee of your mother's trust in California, you typically have the authority to manage the assets held in the trust, including bank accounts, for the benefit of the trust beneficiaries.
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How much power does a successor trustee have?
Usually, a Successor Trustee cannot change the terms of the Trust but must manage and distribute the Trust assets as specified in the Trust Agreement. Some very important things to remember as Successor Trustee are: Keep your personal assets separate from the Trust assets.
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What is the difference between a successor trustee and a trustee?
A trustee, who can either be the trustor or another responsible party, may be appointed while the trustor is still alive; a successor trustee is charged with administering a trust after the trustor or the appointed trustee (if they are different from the trustor) becomes incapacitated or dies.
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What authority does a successor trustee have?
A Successor Trustee is the person responsible for administering and settling a Trust after the creator (called the Grantor) of the Trust dies. A Successor Trustee is also responsible for the Trust in the event the Grantor becomes incapacitated or unable to make decisions.
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What is the declaration of successor trustee?
An affidavit of successor trustee is filed when a trustee is removed or has died and is being replaced with the successor trustee. This is common in trusts (or joint tenancy) when it's written that if anything should happen to the trustee, the successor trustee will take over ownership.
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