Saturday, 15 March 2014

What happens if the Executor of a Trust dies prior to the owner of the Trust?

Question

What happens if the Executor of a Trust dies prior to the owner of the Trust?



Answer

The Trustor can name a new successor Trustee.



Answer

An Executor is appointed in a Will to carry out the wishes of the testator. A successor trustee is appointed to carry out the terms of a trust. If a secondary successor trustee has not been appointed and there otherwise is not a provision in the trust for the appointment of a successor trustee, a petition will have to be filed with the court to appoint a successor trustee. If the settlor of the trust is still alive and competent, an amendment of the trust can appoint a successor trustee and secondary successor trustee.



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