Whenever a trust is created, the creator of the trust, also known as the “Grantor,” picks a person to administer the trust. That person is the “Trustee.”
Often times, the Grantor and the Trustee are the same person. However, once the Grantor dies, someone must take over and carry out the wishes of the Grantor. If that’s the case, whomever the Grantor picked as Secondary Trustee, will succeed the Grantor as Trustee.
So, let’s say you’re in this position. What do you do?
Find out What the Trust Says..
First thing you need is a copy of the trust. To effectively act on behalf of the trust, you’ll need to know what it says. Specifically, you’re going to want to know the following:
- Your powers as trustee
- The beneficiaries to the trust; and
- How trust assets must be
distributed
