The next person or organization appointed if a vacancy arises in a conservatorship, guardianship, or decedent’s estate because of the fiduciary’s death, removal, or resignation.
When a previous trustee passes away or becomes unable to manage the trust’s affairs, a successor fiduciary steps in. Successor fiduciaries are most commonly family members or trusted estate planners, such as accountants or attorneys. Most of the time, the trust is administered by a single successor trustee, but it is possible to have more than one.
Although a successor fiduciary may be designated as the only trustee, he or she may enlist the assistance of wealth managers, tax specialists, attorneys, or real estate agents in the administration of the estate.« Back to Glossary Index