[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/what-does-a-successor-trustee-do-greenwich-ct-new-york-ny\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/what-does-a-successor-trustee-do-greenwich-ct-new-york-ny\/","headline":"What Does a Successor Trustee Do?","name":"What Does a Successor Trustee Do?","description":"\u201cI am named successor trustee in my parents\u2019 trust. When the time comes, how do I sell the home and the other assets?\u201d This is a common concern of people when they learn they have been named as a successor trustee, says nwi.com in the article “Estate Planning: The role of a successor trustee“. The […]","datePublished":"2020-02-13","dateModified":"2024-09-15","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2020\/02\/Successor-Trustee-Do.png","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2020\/02\/Successor-Trustee-Do.png","height":600,"width":800},"url":"https:\/\/www.amorusolaw.com\/blog\/what-does-a-successor-trustee-do-greenwich-ct-new-york-ny\/","about":["Elder Law","Estate Planning","Successor Trustee","Trusts"],"wordCount":489,"keywords":["Elder Law","Estate Planning","Successor Trustee","Trusts"],"articleBody":"\u201cI am named successor trustee in my parents\u2019 trust. When the time comes, how do I sell the home and the other assets?\u201dThis is a common concern of people when they learn they have been named as a successor trustee, says nwi.com in the article “Estate Planning: The role of a successor trustee“. The first thing to do? Verify that you are a successor trustee and what authority and powers you have. If the settlor is disabled, rather than deceased, you\u2019ll need to be sure that you have complied with any requirements to take the position.The trust that names you as a successor trustee is likely where you will find details of what you must obtain to assume the authority. For example, you may need to have a letter from a physician stating that the settlor is incapacitated and can no longer manage his own affairs.If the settlor is deceased, establishing your authority as successor trustee is easier. Usually, all you\u2019ll need is a death certificate.Once this has been established, you\u2019ll need to be able to prove that you have this role. This sometimes is done through the use of an Affidavit of Trust and Acceptance and Oath. An estate planning attorney will be able to help you with these documents. Some affidavits affirm until the \u201cpain and penalty of perjury that the affiant is the successor trustee\u201d and that you are accepting the designation and agree to serve under the terms of the trust and the laws of your state.Depending on the state of residence, estate planning attorneys may approach this differently. Some may use a \u201ccertificate of trust,\u201d while others will simply rely on the trust agreement. The important thing is that the successor trustee\u2019s authority is demonstrable.Once the successor trustee has established that he is appointed properly, he can start administering the trust.What about selling the family home? Real estate transfers are handled through the local government. To sell a home, you\u2019ll need to transfer the deed, so you will need the deed to the home.When a successor trustee transfers real estate, a proof of the successor trustee\u2019s authority to act in the form of relevant documents may need to be recorded with the transfer documents. The transfer needs to be approved by a title examiner, and the examiner will want proof that the person in charge of the transaction has the legal authority to do so.Other assets are transferred in a similar fashion. The asset holder should be contacted and proof of the successor trustee\u2019s authority provided.Some estate planning attorneys will add a letter of instruction to the successor trustee providing them with helpful information and tips about estate administration.Reference: nwi.com (Jan. 12, 2020) “Estate Planning: The role of a successor trustee”For more information on elder law and estate planning, please visit my estate planning website."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"What Does a Successor Trustee Do?","item":"https:\/\/www.amorusolaw.com\/blog\/what-does-a-successor-trustee-do-greenwich-ct-new-york-ny\/#breadcrumbitem"}]}]