A well drafted trust instrument will generally prescribe the method and manner of substitution, succession, and selection of successor trustees. Such provisions must be carefully followed. A trustee may be given the power to appoint his or her own successor. Also, a trustor may reserve, or a beneficiary may be given, the power to change trustees. This form is a sample of a trustor appointing a successor trustee after the resignation of the original trustee.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Travis Texas Appointment of Successor Trustee By Original Trust or in a Trust Agreement is a legal provision that allows the original trust or to designate a successor trustee who will take over the administration and management of a trust in the event of their incapacity, death, or resignation. This provision ensures smooth continuity of trust affairs and protects the interests of beneficiaries. In Travis County, Texas, there are several types of Appointment of Successor Trustee provisions that can be included in a Trust Agreement: 1. Immediate Successor Trustee: This type of appointment designates a specific individual or entity to immediately take over the role of trustee once the original trust or becomes incapacitated, dies, or resigns. The successor trustee assumes complete responsibility for the trust management without the need for court intervention. 2. Contingent Successor Trustee: A contingent successor trustee is designated to assume the role of trustee only if certain conditions are met. For example, the original trust or may name their spouse as the primary trustee but appoint a child or trusted friend as the contingent trustee in case the spouse is unable or unwilling to serve as trustee. 3. Dual or Co-Trustees: In some cases, the original trust or may choose to appoint multiple individuals or entities as co-trustees, working together to manage the trust. This setup can provide checks and balances, ensure diverse expertise, and distribute responsibilities among trustees. However, it's important to note that co-trustees must work together cohesively for the best interest of the trust and its beneficiaries. 4. Trustee Discretion: A trust agreement may grant the original trust or the ability to select a successor trustee based on their own discretion at the time of their incapacity, death, or resignation. This discretionary appointment allows the trust or to evaluate the current circumstances and select the most suitable person or entity to serve as trustee. Regardless of the type of Appointment of Successor Trustee, it is crucial to clearly define the powers, duties, and responsibilities of the successor trustee in the Trust Agreement. These provisions should comply with the Texas Trust Code and any other applicable state or federal laws governing trusts. When drafting a Trust Agreement in Travis County, Texas, seeking the assistance of a qualified and experienced attorney is highly recommended. A skilled attorney can guide the trust or in understanding the different types of Appointment of Successor Trustee provisions and help customize the agreement to align with their specific goals and circumstances.Travis Texas Appointment of Successor Trustee By Original Trust or in a Trust Agreement is a legal provision that allows the original trust or to designate a successor trustee who will take over the administration and management of a trust in the event of their incapacity, death, or resignation. This provision ensures smooth continuity of trust affairs and protects the interests of beneficiaries. In Travis County, Texas, there are several types of Appointment of Successor Trustee provisions that can be included in a Trust Agreement: 1. Immediate Successor Trustee: This type of appointment designates a specific individual or entity to immediately take over the role of trustee once the original trust or becomes incapacitated, dies, or resigns. The successor trustee assumes complete responsibility for the trust management without the need for court intervention. 2. Contingent Successor Trustee: A contingent successor trustee is designated to assume the role of trustee only if certain conditions are met. For example, the original trust or may name their spouse as the primary trustee but appoint a child or trusted friend as the contingent trustee in case the spouse is unable or unwilling to serve as trustee. 3. Dual or Co-Trustees: In some cases, the original trust or may choose to appoint multiple individuals or entities as co-trustees, working together to manage the trust. This setup can provide checks and balances, ensure diverse expertise, and distribute responsibilities among trustees. However, it's important to note that co-trustees must work together cohesively for the best interest of the trust and its beneficiaries. 4. Trustee Discretion: A trust agreement may grant the original trust or the ability to select a successor trustee based on their own discretion at the time of their incapacity, death, or resignation. This discretionary appointment allows the trust or to evaluate the current circumstances and select the most suitable person or entity to serve as trustee. Regardless of the type of Appointment of Successor Trustee, it is crucial to clearly define the powers, duties, and responsibilities of the successor trustee in the Trust Agreement. These provisions should comply with the Texas Trust Code and any other applicable state or federal laws governing trusts. When drafting a Trust Agreement in Travis County, Texas, seeking the assistance of a qualified and experienced attorney is highly recommended. A skilled attorney can guide the trust or in understanding the different types of Appointment of Successor Trustee provisions and help customize the agreement to align with their specific goals and circumstances.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
