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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.
A successor trustee is the person or institution that takes control of the trust assets when the original trustee dies, resigns, or becomes incapacitated.
A deed of trust has a borrower, lender and a trustee. The trustee is a neutral third party that holds the title to a property until the loan is completely paid off by the borrower. In most cases, the trustee is an escrow If you dont repay your loan, the escrow companys attorney must begin the foreclosure process.
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.
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).
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It is common for trust deeds to provide, for instance, that in the case of death of one of the trustees, the other trustees can appoint the next trustee or that it would be one of the heirs of the family of the author, say legal experts.
Appointment of a successor trustee refers to the process of having a new trustee take over management of a trust. Most trusts are managed by their creators during their lifetime. But trusts dont die with their makers, and that is why a successor trustee takes over.
Appointment of a successor trustee refers to the process of having a new trustee take over management of a trust. Most trusts are managed by their creators during their lifetime. But trusts dont die with their makers, and that is why a successor trustee takes over.
After you die, your successor acts just like an executor wouldtakes an inventory of your assets, pays your final bills, sells assets if necessary, has your final tax returns prepared, and distributes your assets according to the instructions in your trust.
Sixteen trustees are appointed by the governor, confirmed by the State Senate, and serve eight-year terms. Trustees confirmed by the Senate remain on the Board until a replacement is named or 60 days after their term expires whichever comes first.

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