Change Of Trustee Form

Change Of Trustee Form

Trustees are the persons appointed to manage all duties required for the trust to function. In most cases, the acting trustee (and the successor to that trustee in the event the trustee can no longer serve) is named specifically in the trust instrument. A person nominated as a trustee can decline to serve as a trustee[21] or if serving may choose to resign as a trustee upon notice to the trust's beneficiaries.[22] Also, in some instances, the trust instrument can specify that trustees can be removed. Any Grantor of a revocable trust would implicitly hold this power with a third-party trustee, given their power to amend or revoke the trust. In an irrevocable trust, the trust instrument may, in some instances, grant the beneficiaries a power to remove a trustee by a majority vote. Absent this provision, in most UTC jurisdictions, other co-trustees or beneficiaries can remove a trustee only by court action.[24] However, the threshold for removal under the UTC is not substantial. In most cases, all the court must find is that there has been a "substantial change in circumstances" in which removal would "best [serve] the interests of all of the beneficiaries and is not inconsistent with a material purpose of the trust, and a suitable cotrustee or successor trustee is available

Change Of Trustee Form

Change Of Trustee Form

Change Of Trustee Form

Change Of Trustee Form

Change Of Trustee Form

Change Of Trustee Form

Change Of Trustee Form

Change Of Trustee Form

Change Of Trustee Form