Can a trustee name a successor trustee?

It's perfectly legal to name a beneficiary of the trust (someone who will receive trust property after your death) as successor trustee. In fact, it's common. EXAMPLE: Mildred names her only child, Allison, as both sole beneficiary of her living trust and successor trustee of the living trust.

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New Hampshire Assent to Petition to Appoint Successor Trustee

New Hampshire Assent to Petition to Appoint Successor Trustee

Name: New Hampshire Assent to Petition to Appoint Successor Trustee
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.64 (228 reviews)

Category:

New Hampshire Court Samples - Trusts - Trustees - SUCCessors - Sample Case 1

State:

New Hampshire

Control #:

NH-BH-147-02

Format:

Instant download

This form is available by subscription

Description

A02 Assent to Petition to Appoint Successor Trustee

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FAQ

Nolo's Living Trust does not currently allow you to name an institution as successor trustee. If you want to do so, you will need help from an attorney. Normally, your first choice as successor trustee should be a flesh-and-blood person, not the trust department of a bank or other institution.

Can the Successor Trustee Be a Beneficiary of the Trust? It's perfectly legal to name a beneficiary of the trust (someone who will receive trust property after your death) as successor trustee. In fact, it's common.

Successor trustees have to willingly accept their role usually by signing a consent to serve or affidavit of appointment. If an existing trustee wishes to change their successor trustee, they must make an actual amendment to the trust. Most courts won't accept informal, self-made changes.

Once you follow that directive, the Trustee must step down and a successor Trustee can be appointed.Once a Trustee resigns, then either the next person named would act, or maybe you can appoint someone new if the Trust terms allow you to do that. Either way, a new Trustee will be in office when a Trustee resigns.

It's perfectly legal to name a beneficiary of the trust (someone who will receive trust property after your death) as successor trustee. In fact, it's common. EXAMPLE: Mildred names her only child, Allison, as both sole beneficiary of her living trust and successor trustee of the living trust.

For a revocable living trust, that Trustee is usually the person that created the trust.The successor trustee usually takes power when the person that created the trust either becomes incapacitated or has died. The Trustee only manages the assets that are owned by the trust, not assets outside the trust.

Successor trustees are appointed in the trust document itself. The trustor will specify who they want to take over management of the trust if and when they can't do it themselves.

When the grantor dies, the trust becomes irrevocable and management or distribution of the assets passes to a successor trustee. Most trusts name the successor trustee when the trust is established; however, if you need to change or add a successor trustee, you can do so by amending the document.

New Hampshire Assent to Petition to Appoint Successor Trustee

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FAQ

Does a successor trustee need an attorney?

Can a successor trustee also be a beneficiary?

How do you appoint a successor trustee?

Can a trustee appoint a successor trustee?

Can a trustee name a successor trustee?

What is the difference between a trustee and a successor trustee?

Who appoints a successor trustee?

How do I assign a successor trustee?

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