A successor trustee takes over a trust after the person who created it passes away or becomes incapacitated. The trustee reviews the trust document, notifies beneficiaries, secures and values the assets, pays valid debts and taxes, keeps records, and distributes what remains as the trust directs. The trustee must act in the beneficiaries' best interests throughout.
A successor trustee is a fiduciary, which means the law holds them to a high standard of care and loyalty. They must follow the trust's terms, keep trust money separate from their own, treat beneficiaries fairly, and keep clear records. Mistakes, such as distributing too early or skipping a required notice, can create personal responsibility. Most trustees are also dealing with a loss, so many ask an attorney to walk them through each step before they act.
