Successor Trustee In An Estate
What sorts of trouble do successor trustees often have when dealing with the estate of the recently deceased? The estate is distributed through a probate court or a trust when someone dies. A successor trustee fills the role of the recently deceased person and distributes the assets according to what is laid out in the will (or if there is no will, then state law determines how the assets are distributed). Estate In A Probate One of the most common issues is that a deceased person's estate is essentially in limbo until a court of law can formally administer it. Depending on when the individual passed and how quickly their affairs were in order, this might not be resolved for months after they've died. In the meantime, any financial transactions within an estate are handled by a probate judge and the estate's successor trustees—a small group of individuals responsible for overseeing it until it's resolved. The most common problem with successor trustees is that they usua...