Decline To Serve As Trustee Form Withdrawal
Description
How to fill out Texas Recitals Regarding Declination To Serve As Successor Trustee?
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FAQ
A trustee who has resigned or is removed has the powers reasonably necessary under the circumstances to preserve the trust property until it is delivered to the successor trustee and to perform actions necessary to complete the resigning or removed trustee's administration of the trust.
After a Trustee Resignation, the trust's assets will need to be transferred to a new trustee, who will assume responsibility for managing the trust. The new trustee may be appointed by the trust document itself or by a court, depending on the specific circumstances.
Answer: Just because you are nominated as executor of a Will does not mean that you must serve. You can renounce your rights as executor and decline to act by simply signing and having notarized a Renunciation of Nominated Executor form and filing it with the Surrogate's Court in the county in which your aunt resided.
Although the law often does not require you to provide a formal written rejection of the role, it is optimal to provide written notice of your decision to all relevant parties, including the person who created the trust (if still living) and the beneficiaries of the trust.
Can a beneficiary refuse a trust distribution. ?Yes, beneficiaries possess the legal right to decline or refuse any distributions or benefits designated to them from a trust or a will.?