You may have been selected as a successor trustee after answering a simple question from a parent, sibling, or close friend: “Would you be willing to handle my trust if something happens to me?” After you say yes, you may forget about the issue for years. Then, a call may come from a hospital or a funeral home, and you will suddenly be in a position with legal duties that you may not fully understand. Knowing what to expect before that moment comes can save you stress, protect the people who depend on the trust, and keep you from making mistakes that could leave you personally responsible.
When it’s time to step in as a successor trustee, you will take legal control of the trust’s property, and you must manage it for the benefit of the people the trust names as beneficiaries while following the terms provided in the trust document. What you do first may depend on whether the person who created the trust has become unable to manage their own affairs or has passed away. In both situations, you have a duty to act carefully, honestly, and in the best interests of the beneficiaries rather than yourself. During the process of trust administration, an attorney can advise you of your duties and make sure you carry out your responsibilities correctly.