What Does a Successor Trustee Do Under California Law?

Introduction

Many California estate plans include a revocable living trust to help manage assets during life and distribute them after death. An important part of any trust is the successor trustee—the person or institution chosen to take over management of the trust when the original trustee is no longer able or willing to serve.

When Does a Successor Trustee Step In?

A successor trustee generally assumes responsibility when the original trustee dies, becomes incapacitated, resigns, or otherwise cannot continue serving. If you created a revocable living trust and named yourself as the initial trustee, your successor trustee would typically take over only when one of these events occurs.

The successor trustee’s primary responsibility is to administer the trust according to its terms. Depending on the circumstances, this may include identifying and protecting trust assets, paying valid debts and expenses, managing investments, communicating with beneficiaries, and eventually distributing trust property as directed by the trust document.

Because the successor trustee acts in a position of trust, they are generally expected to manage trust assets responsibly and act in the best interests of the beneficiaries while following the instructions contained in the trust.

Choosing the Right Successor Trustee

Selecting a successor trustee is an important estate planning decision. The individual should be trustworthy, organized, and capable of handling financial and administrative responsibilities. Some people choose a family member or close friend, while others select a professional fiduciary or financial institution, depending on the complexity of their estate.

It is also wise to name one or more alternate successor trustees in case your first choice is unable or unwilling to serve. As your family and financial circumstances change, reviewing your trustee selections can help ensure they remain appropriate.

An experienced estate planning attorney can help you evaluate your options and draft trust provisions that clearly define the successor trustee’s authority and responsibilities.

Conclusion

A successor trustee plays a vital role in carrying out the terms of a California living trust and helping ensure assets are managed and distributed according to your wishes. This article is provided for general informational purposes only and is not legal advice. If you have questions about choosing or serving as a successor trustee, consult an experienced California estate planning attorney to discuss your specific circumstances.