The Successor Trustee's Job
Most people don’t have any idea how to proceed when they find themselves in the role of successor trustee of a living trust. And why would they? It’s not something most of us will ever do more than once.
The good news is that if you’re in charge of wrapping up a typical probate-avoidance living trust, your duties may be quite simple. You may need only use your authority as trustee to transfer a few assets to the people who inherit them. Still, whenever you’re handling someone else’s money—which you are if you’re a trustee or an executor—you must be very careful to follow the law. If you don’t, you could be liable for any losses you cause. That’s why most successor trustees can benefit from a quick talk with an experienced lawyer.