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 trustee naming a successor trustee pursuant to the terms of the trust.
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.
Connecticut Appointment of Successor Trustee By Original Trustee Named in a Trust Agreement: In Connecticut, the Appointment of a Successor Trustee by the Original Trustee Named in a Trust Agreement plays a crucial role in ensuring the smooth transition of trust administration. A successor trustee may be appointed for various reasons, such as the original trustee's incapacity, resignation, or death. This process is essential to maintain the proper management and distribution of a trust's assets in accordance with the settler's wishes. The Connecticut Uniform Trust Code (UTC), which governs the creation and administration of trusts in the state, provides specific provisions regarding the appointment of a successor trustee. The UTC permits the original trustee named in the trust agreement to designate one or more successor trustees to take over their responsibilities in the event of their inability or unwillingness to act. This provision safeguards the continuity and reliability of trust administration, ensuring the trust remains intact and functions effectively. When appointing a successor trustee in Connecticut, it is crucial to follow the guidelines outlined in the trust agreement and adhere to state laws. The trust agreement usually grants the original trustee the authority to select the successor trustee, specifying the criteria for their appointment. These criteria may include factors such as their knowledge of trust administration, financial expertise, and their ability to act impartially in the interests of the trust's beneficiaries. Connecticut recognizes two primary types of Appointment of Successor Trustee: 1. Mandatory Successor Trustee: In some cases, the trust agreement may provide for a mandatory appointment of a successor trustee. This means that the original trustee is obligated to appoint a specific individual or entity as the successor trustee, usually due to their legal expertise or established fiduciary relationship. The trust agreement clearly outlines the circumstances under which the mandatory successor trustee must assume control of trust administration. 2. Discretionary Successor Trustee: In other instances, the decision to appoint a successor trustee is discretionary and left to the original trustee's judgment. The trust agreement may grant the original trustee the authority to select a successor trustee from a pool of qualified individuals or institutions, considering factors such as their capability, trustworthiness, and experience. The original trustee has the freedom to exercise their discretion to ensure a seamless transition of trust administration. To execute the Appointment of a Successor Trustee in Connecticut, the original trustee typically prepares a written document commonly known as an Appointment of Successor Trustee. This document should clearly identify the original trustee, outline the reasons for the appointment, and provide detailed instructions for the successor trustee's assumption of duties. It is important to remember that any changes made to a trust agreement, including the appointment of a successor trustee, must comply with the legal formalities required in Connecticut. In conclusion, the Appointment of a Successor Trustee By the Original Trustee Named in a Trust Agreement is a critical process in Connecticut's trust administration. This ensures the seamless transfer of fiduciary duties and the preservation of the trust's integrity. Properly executing the appointment in line with the trust agreement and Connecticut law is essential for maintaining the trust's objectives and fulfilling the settler's intentions.
