WHAT ARE THE RESPONSIBILITIES OF A SUCCESSOR TRUSTEE?
                                                                  
By:  Robert J. Myers, Esquire

The use of a revocable living trust allows the beneficiaries of a trust to receive the assets of a
deceased trust settlor without requiring formal Probate Court approval.  A named successor trustee
in a trust document has certain responsibilities which should be performed in the administration of
the trust. Some of the ordinary and necessary steps which a successor trustee should take in lawfuland proper trust administration are:

A. The trust document should be reviewed for legal sufficiency and interpretation as wellas each trust amendment;

B. The implementation of the substitution of the successor trustee should beaccomplished;

C. Interested persons concerning the administration of the trust should be served with the
required notices in a proper and timely fashion;

D. A successor trustee has a legal duty to protect, insure and manage trust assets and may
have liability for the improper accomplishment of these legal duties;

E. A successor trustee has an affirmative duty to invest trust assets in accordance with the
prudent investor rule;

F. A successor trustee is responsible to make any contributions due to the personal
representative of the deceased settlor's estate in order to pay for creditor claims,
administrative expenses and/or estate taxes;

G.  A successor trustee has an obligation to inform and account to beneficiaries of the trust in a manner that is lawfully documented;

H.  A successor trustee has a responsibility to make payment or compromise any claims made by creditors against trust assets; 

I.  A successor trustee is required to identify and file all tax returns in a timely and proper
manner and is liable to ensure that all due taxes are paid; 

J.  A successor trustee is required to obtain a nontaxable certificate if the personal
representative of the deceased settlor's estate has not obtained the nontaxablecertificate from the State of Florida;

K. A successor trustee is required to obtain a nontaxable certificate if the personal representative of the deceased settlor's estate has not obtained the nontaxable certificate from the State of Florida;

L. A successor trustee is required to distribute income and/or principal to beneficiaries of the deceased settlor's trust and is required to fund any further trusts provided for in the trust document; and

M. A successor trustee is obligated to perform all trust administration responsibilities as a fiduciary and should avoid self-dealing, prejudice or conflicts of interest.  A successor trustee has a duty of impartiality in the performance of obligations to the trust beneficiaries.

The above is only a partial list of the duties of a successor trustee after a settlor of a trust passes on. Most of the successor trustee's duties should be accomplished with the guidance and assistance of competent legal counsel.

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Robert J. Myers is managing attorney of the Estate and Trust Division of  Maney l Gordon  P.A., located at 1135 Pasadena Avenue South, Suite 140, St Petersburg, Florida. The telephone number is 727-347-5131. Mr. Myers welcomes calls regarding these articles and other related legal topics. This column outlines general legal principles and is not intended to give you legal advice. If you have a specific question about the law, please consult an attorney.