Declaration of Appointment of Successor Trustee Where Agreement
byadminonFebruary 8, 2012
What is the Declaration of Appointment of Successor Trustee?
When the person who is the trustee does not qualify to be a trustee or if the trustee is not able to serve or if the trustee resigns from being a trustee or even if the trustee is not designated in the trust deed, it is up to the beneficiary to create a Declaration of Appointment of Successor Trustee Where Agreement is made and the person is appointed in place of a trustee and is appointed as a substitute trustee.
There is another reason – that is when the beneficiary decides that he wants to remove the trustee. In such a case he may have the Declaration of Appointment of Successor Trustee Where Agreement is drawn with the substitute trustee and this is called a trustee substitution.
When there is any kind of substitution of trustees, the county recorder of the county where the trust property is located needs to record the substitution of the trustees made and this information is to be given by certified mail or registered mail and this has to be given with the postage which is prepaid. This notice has to be given to the trustor.
When there is a substitution notice, the qualifications of the substitute trustee needs to be given as per section 33-803 under the subsection A.
It is only when all these conditions are fulfilled can it be considered that there has been a substitution of trustees which has been made and that it is legal as well as binding on all the parties going forward.
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