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An executor operates under the supervision of the probate court. A successor trustee is answerable to the beneficiaries of the trust.
What is a contingent successor?
What is a Contingent Successor Trustee? The Contingent Successor Trustee is the person who will step in to manage your Solo 401k should you pass away, or become incapable of continuing as trustee of the plan. This role is in addition to the beneficiary designation found in your Solo 401k documents.
What is the responsibility of a trustee?
A Trustee is a person who acts as a custodian for the assets held within a Trust. He or she is responsible for managing and administering the finances of a Trust per the instructions given. Often, the person who creates the Trust is the Trustee until they can no longer fill the role due to incapacitation or death.
What is 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).
Can you name more than one trustee?
A trustee manages and distributes assets in a trust. A trustee can be is an individual or a financial institution. At times, clients may choose to name two or more individuals as co-trustees in their trust document to perform these duties together.
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You also need to understand that there is a distinction to be made between who inherits a trust when someone dies (the beneficiaries) and who shall have the responsibility of administering the trust, paying the bills and taxes, and distributing whats left to the beneficiaries (the successor trustees).
Is a successor the same as a trustee?
A trustee, who can either be the trustor or another responsible party, may be appointed while the trustor is still alive; a successor trustee is charged with administering a trust after the trustor or the appointed trustee (if they are different from the trustor) becomes incapacitated or dies.
What is the difference between an executor and a successor?
An executor operates under the supervision of the probate court. A successor trustee is answerable to the beneficiaries of the trust.
What is the difference between an executor and a successor?
An executor operates under the supervision of the probate court. A successor trustee is answerable to the beneficiaries of the trust.
What does it mean to be named a successor?
: a person who has a job, position, or title after someone else : someone who succeeds another person.
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Trustees and Trust Administration Family Squabble Continues
Disagreements arose, ultimately resulting in a bank and a third party being named as successor-trustees. Later, a family settlement agreement was entered into
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