What is a successor trustee's role in estate planning?

The role of a successor trustee in estate planning is fundamentally centered around managing and distributing assets held in trust. When the original trustee becomes unable to fulfill their duties—whether due to death, incapacity, or other reasons—the successor trustee steps in to ensure that the terms of the trust are carried out as intended by the trustor.

This includes a range of responsibilities, such as overseeing the trust’s assets, maintaining proper records, paying any debts or taxes owed by the trust, and ultimately distributing the assets to the beneficiaries according to the provisions laid out in the trust document. The successor trustee acts as a fiduciary, meaning they are legally obligated to act in the best interest of the beneficiaries, maintaining a high standard of care and loyalty.

In contrast, creating new investments for beneficiaries is not within the scope of the successor trustee's duties, as their role is more about managing existing assets rather than generating new investment opportunities. Making medical decisions for the trustor falls outside the purview of trust management unless specifically stated in a health care directive, which is separate from estate planning through trusts. Regularly reviewing and adjusting the estate plan typically falls to the trustor or their advisors during their lifetime, rather than the successor trustee, who steps in only after the trust