Get (hereinafter Called The Retiring Trustees) Of The One Part And

The four main types are living, testamentary, revocable and irrevocable trusts. However, there are further subcategories with a range of terms and potential benefits.

A trustee is named when the trust is established; this person is in charge of handling the affairs of the trust and transferring the assets to the beneficiaries at the time of the grantor's death.

Retiring Trustee means a Trustee that resigns or vacates the office of Trustee for any reason.

Under the Act, if there are two or more trustees, a trustee wishing to resign may retire by deed with the consent of his or her co-trustees and any other person who has power to appoint trustees. There is no requirement to appoint a replacement trustee.

A trustee is a person who takes responsibility for managing money or assets that have been set aside in a trust for the benefit of someone else. As a trustee, you must use the money or assets in the trust only for the beneficiary's benefit.

To help you get started on understanding the options available, here's an overview the three primary classes of trusts. Revocable Trusts. Irrevocable Trusts. Testamentary Trusts.

Retiring Trustee means a Trustee that resigns or vacates the office of Trustee for any reason.

Trustees will usually be appointed by the instrument that brings the trust into existence. The trust instrument should also make provision for any additional appointments that may be necessary during the continuance of the trust.