successor trustee
Successor Trustee is the person or institution who takes over the management of a living trust property when the original trustee has died or become incapacitated . The exact responsibilities of a successor trustee will vary depending on the instructions left by the creator of the trust (called the Grantor ).
Cases such as this one from Missouri , explain that “a ‘successor trustee’ is a substituted trustee with only such powers as the deed of trust instrument gives him, and he becomes such only upon the happening of a contingency therein named.”
[Last reviewed in October of 2021 by the Wex Definitions Team ]
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