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 a successor trustee accepting such appointment 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.
A Successor Trustee Form for trustees is a legal document that designates an individual or an organization to take over the role of a trustee in the event the original trustee is unable or unwilling to fulfill their responsibilities. This form is commonly used in the management of trust assets, ensuring continuity and smooth transition of trustee duties. Successor trustee forms are an essential part of estate planning, allowing the granter (the person creating the trust) to name a trusted person or entity who will step in as trustee when the original trustee can no longer serve. Successor trustees are generally named after the primary trustee, and their roles and responsibilities begin upon the occurrence of specific events or circumstances outlined in the trust agreement. There are different types of Successor Trustee Forms for trustees, including: 1. Limited Successor Trustee: This type of form designates a successor trustee for a specific period or limited situations. For instance, if the primary trustee is going on a trip, they may appoint a limited successor trustee to manage the trust assets during their absence. 2. Contingent Successor Trustee: A contingent successor trustee form names a trustee who will take over only if the primary trustee is unable or unwilling to act. This typically occurs due to incapacity, resignation, or death of the original trustee. 3. Co-Trustee Successor Trustee: This form appoints a co-trustee who will serve alongside the original trustee. This arrangement ensures there is always a backup trustee who remains actively involved in managing the trust, avoiding any disruptions during the primary trustee's absence. 4. Per Stripes Successor Trustee: In this type of form, the successor trustee is usually a family member or a beneficiary, who inherits the trust responsibilities and assets upon the death or incapacity of the primary trustee. The trust assets are distributed among the beneficiaries in equal or predetermined proportions as per the original trust agreement. 5. Corporate Successor Trustee: Some individuals may opt to designate a corporate or professional trustee, such as a bank or trust company, as their successor trustee. This is common when the trust assets are complex, large in value, or require specialized management expertise. Successor trustee forms serve as a crucial component in effective estate planning, ensuring the continuity of trust administration and the proper management of assets, even in unforeseen circumstances. It is essential to consult with an estate planning attorney or legal professional to create and review these forms, tailoring them to meet specific needs and objectives.
