What Is A Successor Trustee
A Successor Trustee is the person responsible for administering the trust after its Grantor either passes away or becomes “Incapacitated” – that is, unable to administer the trust for themselves.
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Does One Need to Name a Successor Trustee
This depends on the individual bank one is opening an account with. For example Chase requires a Successor Trustee, but TD Ameritrade requires a Co-Trustee, and other banks only require one Trustee to sign. Call the bank before the appointment to ...
Can Successor Trustees Vote
No, unless it is in regards to election of a new Trustee or if the Successor holds a position on the Board of Trustees due to another incapacitation.
Do Successor Trustees Have A Position or Title
No, they are simply named Successor Trustee. If so desired, the office of a Trustee they will replace can be named within their Successor Trustee Appointment form (e.g. Successor Trustee will take office of Executive Trustee upon appointment).
Can One Name Children/Minors As Successor Trustees
No. Everyone must be of legal age and preferably knowledgeable from our training to be a trustee. Trusts are extremely difficult to administer if one knows nothing about them.
List of Trustee Responsibilities
The general duties of a trustee include, but are not limited to: Manage & grow assets Hold at least once yearly trust minutes meeting with the Board Assign 2 other trustees to the trust Open a bank account if necessary As one grows the trust there ...