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.
A Washington Appointment of Successor Trustee By Original Trust or in a Trust Agreement is an essential provision that allows the original trust or, also known as the settler or granter, to designate a new trustee to manage and administer the trust estate in the event of their incapacity, resignation, or death. This provision is essential for ensuring the smooth transition of trust management and preserving the intentions of the original trust or. In Washington state, several types of Appointment of Successor Trustee provisions can be included in a Trust Agreement: 1. Successor Trustee by Specific Name: This provision allows the original trust or to expressly name one or more individuals or entities as successor trustees. The named successor trustee(s) will step into the role of the trustee upon the original trustee's incapacity, resignation, or death. The original trust or has the flexibility to name multiple successive trustees in a specific order or allow the trustee's discretion to select a successor. 2. Successor Trustee by Pre-determined Criteria: This provision allows the original trust or to establish a set of criteria for selecting a successor trustee. The criteria may include qualifications, such as professional experience, financial expertise, or familial relationships. The trust or may also specify whether the successor trustee must be a licensed attorney or a certified public accountant. 3. Trust Protector or Advisory Committee Appointment: Trust agreements in Washington may include the appointment of a trust protector or the establishment of an advisory committee. These entities are responsible for overseeing the actions of the trustee and have the power to replace the trustee if necessary. The trust protector or advisory committee can be given the authority to appoint a successor trustee upon the trustee's incapacity, resignation, or death. 4. Court Appointed Successor Trustee: In some cases, the original trust or may not name a successor trustee or include any provisions for appointment. If this happens, Washington state law allows interested parties to petition the court for the appointment of a successor trustee. The court will consider the best interests of the beneficiaries and the trust's purpose in selecting a suitable successor trustee. A Washington Appointment of Successor Trustee provision allows the original trust or to maintain control over the trust's management, even when they are no longer able or available to act as the trustee. By clearly outlining the process for appointing a successor trustee, the trust agreement ensures the orderly management and continuity of the trust assets. It is highly recommended consulting with an experienced attorney or trust professional when drafting or modifying a Washington Appointment of Successor Trustee provision to ensure compliance with state laws and the trust or's specific objectives.
