If you’re taking over as trustee of a deceased person’s living trust, you are not expected to get to work the day grandma dies. Luckily, most trust and estate tasks are not emergencies and can wait a while so that family members can grieve and make decisions about things like memorial services.

What does a successor trustee do after death?

Your successor trustee is responsible for settling your trust or continuing to manage it for you after your death. The exact duties would depend on the terms you set for your trust in its formation documents. These documents are called the trust agreement.

What happens to a revocable trust when the grantor dies?

If a trust was a joint revocable trust created by a couple as part of their estate plan, the death of one grantor trustee generally does not require any specific action on the part of the surviving grantor trustee. For an individual revocable trust, the death of the grantor is generally a triggering event.

What happens to a trust after your death?

In some cases, you might want your trust to remain up and running after your death. This is often done in cases where it’s holding a property for the benefit of your minor children. Minors can’t legally own property, so your trust would continue to hold it for them until they reach an age you specify.

What happens when a living trustee is incapacitated?

At some unknown time, a Trustee of a Living Trustee may suffer an illness or injury which makes the trustee unable to manage the trust estate (which includes all assets titled in the name of the trust) or unwilling to serve as trustee.

Can a person be a trustee of a living trust?

This way, if either of you become incapacitated or die, the other can continue to handle your financial affairs without interference from the court—one of the main reasons many people choose a living trust over a will. However, you don’t have to be your own trustee.

What do you do with a living trust?

A living trust is a form of estate planning set up by a person during their lifetime that allows them to continue benefiting from their assets while they are living and helps manage the distribution of their property when they pass away.