How Does A Successor Trustee Take Over A Trust?

In this video blog, Petaluma Trust Attorney, Bridget Mackay discusses the authority needed to take over as a successor trustee.

Hi there. Bridget Mackay here, I am an estate-planning attorney and elder law attorney in Petaluma, California.

And, today I want to talk to you about a question I get somewhat often, and I got one, got it most recently. And that is, when someone asks how they can, they’re the successor trustees to a trustee. So, let’s just give an example of a parent created a trust named a child as a successor trustee and the child as the successor trustee wants to take over the trust. How did they do that?

There are several circumstances in which they do that. Clearly the most common one is the person the parent dies and then they are the trustee. But the question I had was, or that was given to me was, when my parent is incapacitated and they’re not functioning financially anymore. How do I take over? What gives me the authority to do that? And the easiest answer is that, it’s in the trust.

So, if you are a successor trustee and your parent or the person that you that created the trust and named you as that is no longer functioning as a trustee and can’t manage their affairs. You need to get their trust go to an experienced attorney, find out what the process is for you to take over as trustee. And in fact, that actually is your obligation as a successor trustee to do once you’ve been named in a document.

So, if you have any further questions about this or you find yourself in this situation. Seek out an experienced estate planning attorney and they can help you.