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.
New Hampshire Appointment of Successor Trustee By Original Trustee Named in a Trust Agreement allows the original trustee named in a trust agreement to appoint a successor trustee in New Hampshire. This provision ensures smooth administration of the trust in case the original trustee is unable, unwilling, or becomes disqualified from fulfilling their duties. In New Hampshire, there are various types of appointments of successor trustees. These include: 1. General Appointment: This type of appointment grants the original trustee the authority to select any suitable individual or entity as the successor trustee. The appointment can be specific or open-ended, allowing the original trustee to choose a successor at their discretion. 2. Specific Appointment: In some cases, the trust agreement may specify certain criteria or conditions that must be met when appointing a successor trustee. For example, the agreement may require the successor trustee to have a certain level of professional expertise or to be a family member. 3. Co-Trustee Appointment: The original trustee may choose to appoint a co-trustee instead of a successor trustee. A co-trustee shares the responsibilities and decision-making authority with the original trustee, providing an additional layer of oversight and support. 4. Contingent Appointment: A contingent appointment is made when the original trustee designates a successor trustee to assume their role only in specific circumstances. For instance, the appointment may take effect if the original trustee resigns or becomes incapacitated before a certain date. The New Hampshire Appointment of Successor Trustee By Original Trustee Named in a Trust Agreement provides a legally binding mechanism for transferring trustee responsibilities to a successor trustee in the event of unforeseen circumstances. It ensures the continuity of trust administration and safeguards the interests of the trust beneficiaries.New Hampshire Appointment of Successor Trustee By Original Trustee Named in a Trust Agreement allows the original trustee named in a trust agreement to appoint a successor trustee in New Hampshire. This provision ensures smooth administration of the trust in case the original trustee is unable, unwilling, or becomes disqualified from fulfilling their duties. In New Hampshire, there are various types of appointments of successor trustees. These include: 1. General Appointment: This type of appointment grants the original trustee the authority to select any suitable individual or entity as the successor trustee. The appointment can be specific or open-ended, allowing the original trustee to choose a successor at their discretion. 2. Specific Appointment: In some cases, the trust agreement may specify certain criteria or conditions that must be met when appointing a successor trustee. For example, the agreement may require the successor trustee to have a certain level of professional expertise or to be a family member. 3. Co-Trustee Appointment: The original trustee may choose to appoint a co-trustee instead of a successor trustee. A co-trustee shares the responsibilities and decision-making authority with the original trustee, providing an additional layer of oversight and support. 4. Contingent Appointment: A contingent appointment is made when the original trustee designates a successor trustee to assume their role only in specific circumstances. For instance, the appointment may take effect if the original trustee resigns or becomes incapacitated before a certain date. The New Hampshire Appointment of Successor Trustee By Original Trustee Named in a Trust Agreement provides a legally binding mechanism for transferring trustee responsibilities to a successor trustee in the event of unforeseen circumstances. It ensures the continuity of trust administration and safeguards the interests of the trust beneficiaries.
