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successor trustee

   Also found in: Acronyms 0.01 sec.
successor trustee

Under a deed of trust,a person or company called a trustee holds the title to the mortgaged property. If that trustee resigns, another one, called the successor trustee, must be appointed.



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Someone referred to as the successor trustee or administrative trustee is chosen by the individual who is setting up the trust-based estate plan as his personal executor.
3) Designating a corporate trustee does not remove the need to designate a successor trustee or a mechanism for selecting a successor trustee.
In addition, each trust provides that the grantor, or the primary beneficiary if the grantor is not living, may appoint a successor trustee other than himself or herself if the current trustee either resigns or is no longer able to fulfill the duties of trustee.
 
 
 
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