What to Tell Your Successor Trustee

When you create a revocable living trust, one of the most important decisions you’ll make is who will serve as your successor trustee — the person who steps in to manage your trust if you become incapacitated or after you pass away.

But choosing a successor trustee isn’t enough. To ensure a smooth transition and protect your beneficiaries, you need to provide your successor trustee with key information while you’re still living — and they need to understand what their duties will be when they eventually assume control.

In this article, we’ll explain:

What information to share with your successor trustee while the trust is operating,
How to prepare them for their future role, and
What steps a successor trustee must take once they become trustee.

What Is a Successor Trustee?

A successor trustee is the person or institution you name in your trust to manage your assets when you’re no longer able to do so. While you (the grantor) are alive and competent, you typically serve as your own trustee. Upon your incapacity or death, your successor trustee takes over — ensuring that your wishes are carried out according to the terms of your trust.

What Information to Provide to Your Successor Trustee While the Trust Is Operating

You don’t have to hand over full control of your trust while you’re alive and well, but communication and documentation are key. Providing your successor trustee with essential information now can prevent confusion, delays, and legal issues later.

Here’s what to share:

1. A Copy of the Trust Document

Your successor trustee should know where to find the original trust document and any amendments. This ensures they have immediate access to the legal instructions governing your trust.

2. List of Assets and Account Information

Maintain an updated list of assets held in the trust, including:

Bank and investment accounts
Real estate properties
Business interests
Personal property of significant value

Include account numbers, institutions, and contact information for your financial advisors.

3. Contact Information for Key Professionals

Provide the names and contact information for your attorney, CPA, financial advisor, and insurance agents. Your successor trustee will likely need to consult these professionals when managing or distributing assets.

4. Instructions About Your Wishes

Although the trust itself outlines legal directions, a personal letter of instruction can help clarify your intentions — especially for unique assets or family circumstances.

5. Location of Important Documents

Tell your successor trustee where to find:

The original trust and will
Deeds and titles
Life insurance policies
Tax records
Passwords or digital asset information – but see here.

Preparing Your Successor Trustee

Before any transition occurs, it’s a good idea to meet with your successor trustee and your estate planning attorney. This meeting can help them understand:

Their future responsibilities
The structure of your trust
Who the beneficiaries are
How to contact professionals involved with your estate

A successor trustee who understands the trust’s operation before taking over will be far better equipped to act efficiently and responsibly when the time comes.

What Happens When the Successor Trustee Steps In

When the grantor becomes incapacitated or passes away, the successor trustee’s legal duties begin. At that point, they must act in the best interests of the trust and its beneficiaries, following all legal and fiduciary obligations.

1. Upon Incapacity

If you become incapacitated, your successor trustee will:

Obtain documentation of your incapacity (such as a physician’s letter)
Notify financial institutions and begin managing trust assets
Pay bills and ongoing expenses from trust funds
Keep detailed records of all transactions

2. Upon Death

After the grantor passes away, the successor trustee must:

Obtain certified death certificates
Notify beneficiaries and relevant institutions
Secure and inventory all trust assets
Pay debts, taxes, and final expenses
Distribute assets according to the trust’s terms
Prepare and file any required tax returns

They should also work with an estate planning attorney to ensure compliance with state law and to help navigate complex administrative or tax issues.

Why Proper Preparation Matters

Choosing a responsible successor trustee is only half the job — preparing them properly is what ensures your estate plan truly works. By sharing key information now and setting clear expectations, you make it easier for your successor trustee to protect your legacy and your loved ones when it matters most.

Need Help Preparing Your Successor Trustee?

At Paramus Estate Planning, we help individuals and families create clear, effective estate plans — including guidance on how to prepare and empower successor trustees.

Contact us today to schedule a consultation and ensure your trust is ready for the future.