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.
Oakland, Michigan is a county located in the southeastern part of the state. The county is home to a variety of communities, including cities, townships, and villages. One important legal document in estate planning in Oakland, Michigan is the Trust Agreement. A Trust Agreement is a legal arrangement where a person, known as the Trust or Settler, transfers their assets into a trust. The trust is managed by a Trustee who has the fiduciary duty to administer the assets for the benefit of the beneficiaries according to the terms of the trust. In some cases, the Trust or may need to appoint a Successor Trustee to administer the trust if the original Trustee is unable or unwilling to fulfill their duties. The appointment of a Successor Trustee is an essential provision in the Trust Agreement to ensure the seamless continuation of trust management. There can be different types and provisions related to the Appointment of Successor Trustee in an Oakland, Michigan Trust Agreement. Some common types include: 1. Named Successor Trustee: The Trust or specifically designates a named individual or institution to act as the Successor Trustee in case the original Trustee is unable to fulfill their duties. This person or entity is typically chosen based on their trust management skills and knowledge of the Trust or's intentions. 2. Contingent Successor Trustee: In this case, the Trust Agreement includes a provision stating that if the original Trustee is unable to serve, the Successor Trustee will be determined based on a contingency. For instance, the Trust Agreement may state that the eldest child of the Trust or shall become the Successor Trustee if the original Trustee is unable or unwilling to serve. 3. Suspension or Removal of Trustee: Sometimes, the Trust Agreement may include provisions related to the suspension or removal of a Trustee. If the Trustee fails to fulfill their fiduciary duties or becomes incapacitated, the Trust Agreement may outline a process for the appointment of a new Trustee, known as the Successor Trustee. It is important to work with an experienced attorney in Oakland, Michigan when drafting a Trust Agreement and considering the Appointment of a Successor Trustee. They can provide guidance on the appropriate provisions based on your specific circumstances to ensure a smooth transition of trust management if needed. In summary, the Appointment of Successor Trustee in an Oakland, Michigan Trust Agreement is a provision that ensures the continuation of trust management in case the original Trustee is unable or unwilling to fulfill their duties. This provision can be tailored to different scenarios, such as naming a specific Successor Trustee or outlining contingencies for their appointment. Seek legal advice to ensure you have the appropriate provisions in your Trust Agreement.
