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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.
A trustee is the administrator of a trust (which is set up by a grantor). The trustee handles the assets or property for a third party beneficiary. A trustee may be appointed because of bankruptcy, for administration of a charity, or to handle a trust fund, pension, or retirement plan.