Resignation Of Trustee And Appointment Of Successor Trustee
What is the eligibility criterion for successor trustee?
Are you looking for the Resignation of Trustee and Appointment of Successor Trustee templates? Then, you can find the professional templates in online or otherwise you can hire an attorney to get these papers prepared without any legal jargons. A trustee can resign his/her position by giving 30 days’ notice and by abiding to the trust document and state laws. In case, if the trustee fails in his/her duty, then they have to face civil lawsuits. After the resignation of a trustee, the successor appointed is merely governed as per the provisions mentioned in the trust document, if they are not appointed as per the state laws.
The trustee has all rights to resign his/her position by abiding to the provisions of the trust. In case, if there is not specific procedure to be followed in the resignation process of a trustee, then state laws comes into picture. However, these laws are a tad different to that of the trust documents. As per the uniform trust code, the trustee can resign to their position by giving 30 days’ notice to the trust grantor, co-trustees and beneficiaries. However, the trustee does not need to give any notice to the grantor who is passed away and to the non-qualified beneficiaries such as unborn children of the beneficiaries. Alongside, the trustee has the right to leave the trust by taking approval from the court. Ideally, the court will accept the resignation, when the trustee is suffering with illness, filed for bankruptcy or is involved in any illegal things, etc. Basically, the court asks the resigning trustee to prepare a bond to protect the assets of the trust.
After the Resignation of Trustee and Appointment of Successor Trustee, a person is qualified to apply for this post only when he/she has the required age criteria set by the state laws. Also, he/she should have the capability to run the trust and should not have any mental illness. Generally, the trustee could be either an individual or an entity (bank). Prior to taking up this role, he/she has to sign the trust deeds and a few documents.
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