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 trustor appointing a successor trustee 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.
The Texas Appointment of Successor Trustee By Original Trust or in a Trust Agreement is an important legal provision that allows the Trust or (also known as the Granter or Settler) to designate a successor trustee to take over the administration of a trust in the event of their incapacity or death. This provision ensures a seamless transition of trust management and ensures that the trust assets are properly handled according to the Trust or's wishes. In Texas, there are several types of Appointment of Successor Trustee provisions that can be included in a Trust Agreement: 1. General Appointment of Successor Trustee: This type of appointment allows the Trust or to name a specific individual or institution as the successor trustee to manage the trust upon their incapacity or death. The appointed successor trustee assumes all the rights, duties, and responsibilities of the original trustee and is entrusted with the fiduciary duty to act in the best interests of the trust beneficiaries. 2. Alternates or Multiple Successor Trustees: The Trust or may choose to name multiple individuals or institutions as successor trustees, either as primary and alternate trustees or as co-trustees who will serve jointly or in succession. This provision provides a backup plan in case the primary successor trustee is unable or unwilling to assume the trustee role. 3. Successor Trustee Appointment Criteria: In addition to naming a specific individual or institution as the successor trustee, the Trust or may also include specific criteria for selecting a successor trustee. These criteria can include qualities such as trustworthiness, financial acumen, familiarity with the Trust or's values and intentions, or a particular professional background such as legal or financial expertise. 4. Trust Protector's Power of Appointment: Some trusts may include a Trust Protector who has the power to appoint or remove successor trustees. This provision empowers a designated person or entity to make changes to the trust administration by appointing a new successor trustee if certain specified events occur. By including a Texas Appointment of Successor Trustee By Original Trust or provision in a Trust Agreement, the Trust or can ensure that their trust will continue to be effectively managed, even if they are no longer able to serve as the trustee. It provides peace of mind for the Trust or and a smooth transition of fiduciary responsibilities to trusted individuals or institutions who will dutifully administer the trust in accordance with the Trust or's wishes.The Texas Appointment of Successor Trustee By Original Trust or in a Trust Agreement is an important legal provision that allows the Trust or (also known as the Granter or Settler) to designate a successor trustee to take over the administration of a trust in the event of their incapacity or death. This provision ensures a seamless transition of trust management and ensures that the trust assets are properly handled according to the Trust or's wishes. In Texas, there are several types of Appointment of Successor Trustee provisions that can be included in a Trust Agreement: 1. General Appointment of Successor Trustee: This type of appointment allows the Trust or to name a specific individual or institution as the successor trustee to manage the trust upon their incapacity or death. The appointed successor trustee assumes all the rights, duties, and responsibilities of the original trustee and is entrusted with the fiduciary duty to act in the best interests of the trust beneficiaries. 2. Alternates or Multiple Successor Trustees: The Trust or may choose to name multiple individuals or institutions as successor trustees, either as primary and alternate trustees or as co-trustees who will serve jointly or in succession. This provision provides a backup plan in case the primary successor trustee is unable or unwilling to assume the trustee role. 3. Successor Trustee Appointment Criteria: In addition to naming a specific individual or institution as the successor trustee, the Trust or may also include specific criteria for selecting a successor trustee. These criteria can include qualities such as trustworthiness, financial acumen, familiarity with the Trust or's values and intentions, or a particular professional background such as legal or financial expertise. 4. Trust Protector's Power of Appointment: Some trusts may include a Trust Protector who has the power to appoint or remove successor trustees. This provision empowers a designated person or entity to make changes to the trust administration by appointing a new successor trustee if certain specified events occur. By including a Texas Appointment of Successor Trustee By Original Trust or provision in a Trust Agreement, the Trust or can ensure that their trust will continue to be effectively managed, even if they are no longer able to serve as the trustee. It provides peace of mind for the Trust or and a smooth transition of fiduciary responsibilities to trusted individuals or institutions who will dutifully administer the trust in accordance with the Trust or's wishes.
