Massachusetts Petition For Resignation Removal Appointment of Successor Trustee is a document filed with the Massachusetts Probate Court when a trustee of a trust resigns or is removed from their position. The Petition must include the names of the trustees, the trust name, a description of the trust, the reason for the resignation or removal, and the name of the proposed successor trustee. The Petition must be signed by the trustees, and then filed with the court. There are two types of Massachusetts Petition for Resignation Removal Appointment of Successor Trustee: voluntary resignation and involuntary removal. In a voluntary resignation, the trustees willingly resign from their position, and the court will appoint a successor trustee. In an involuntary removal, the trustees are removed from their position due to a violation of trust terms, and the court may appoint a successor trustee or appoint a different individual to serve as the trustee.
Massachusetts Petition For Resignation Removal Appointment of Successor Trustee
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FAQ
Trustee resignation sometimes occurs prior to the administration of the trust. In this scenario, the named successor trustee should inform the trust administration attorney that they wish to resign and sign a document called Declination to Serve as Trustee.
I regret to inform you that I will be resigning from my position on the board of trustees. I am handing in this resignation due to personal reasons and it will come into effect immediately. Please accept this letter as my official notice of immediate resignation.
Obtain a Trustee Resignation Form from your attorney or the Court and complete and sign it in the presence of a notary public. 4. Make copies of your resignation. Give a copy to the new Trustee, mail a copy to all the trust beneficiaries and keep one in your personal file.
Under Massachusetts law, unless the trust document provides for removal, a trustee may only be removed by order of court on its own or by petition of a settlor, co-trustee or beneficiary.
A trustee who has resigned or is removed has the powers reasonably necessary under the circumstances to preserve the trust property until it is delivered to the successor trustee and to perform actions necessary to complete the resigning or removed trustee's administration of the trust.
Can a trustee be forced to resign? No, a trustee generally cannot be forced to resign. However, a trustee can be non-consensually removed through court processes in some situations. Sometimes, when trustees are facing removal, they will resign voluntarily to avoid the potential costs and consequences of going to trial.
How do I resign as trustee? Any procedure outlined in the trust instrument. Obtaining the consent of the person who can revoke the trust (if the trust is revocable). Obtaining the consent of all adult beneficiaries (if the trust is not revocable). Obtaining a court order.
I regret to inform you that I will be resigning from my position on the board of trustees. I am handing in this resignation due to personal reasons and it will come into effect immediately. Please accept this letter as my official notice of immediate resignation.