What Are The Successor Trustee’s Duties?

Answer by Miami Trust Attorney Phillip B. Rarick, Esq.

Below is a summary of the basic obligations of a successor trustee of a trust.

Note: Trust administration requires strict compliance with the trust terms and often analysis of complex tax requirements. If you are a successor trustee, we can help. It is important that you follow the advice of an experienced Trust Administration Attorney to avoid or reduce estate taxes or income taxes and to protect yourself against personal liability.

1. Show Loyalty To All Trust Beneficiaries. Even if the successor trustee is himself or herself a beneficiary, as trustee he or she has the duty of loyalty to all the other beneficiaries, including the remaindermen.

2. Deal Impartially With Beneficiaries. The successor trustee cannot favor the income beneficiary over the interests of the remainder beneficiaries.

Read More: Successor Trustee’s Duties Disclaimer

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