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A successor trustee who is dealing with a simple living trust, which is intended only to serve as a substitute for a will, can probably wrap up the job in a few weeks or months. Some trusts, however, are designed to last for many months or years.
The trustee is the person or entity (e.g., a bank or other corporation) who holds legal title to the trust property. Fiduciary: A person or institution who manages money or property for another and who must exercise a standard of care in such management activity. A trustee can receive an appointment from two different sources: an inter vivos trust or a testamentary trust.