Stepping Up as Successor Trustee

When a current trustee is unable to serve, a successor trustee fills the vacancy.  In order to act, the successor trustee will need to show a certificate or affidavit of trust, as this is indicative that they embody the legal authority to act on behalf of the trust. 

Upon an individual’s death or incapacity, the assets held in trust are not frozen and the successor trustee can access and manage the assets without court intervention.  However, any assets that are not held in trust will be frozen until someone with proper legal authority to manage them comes forward.  This may require court intervention. 

In order to take advantage of potential tax benefits, minimize trustee liability, and maintain proper records, careful attention should be taken by the trustee to complete all of the required duties.  Consider seeking professional help, as it may expedite the settlement process and insure no steps are missed.

See Carissa Giebel, Acting as a Successor Trustee, Green Bay Gazette, Nov. 24, 2014.