• US Legal Forms

Successor Trustee Vs Co Trustee For Trust

State:
Multi-State
Control #:
US-01179BG
Format:
Word; 
Rich Text
Instant download

Description

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 trustee naming a successor trustee pursuant to the terms of the trust.


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.

Free preview
  • Preview Appointment of Successor Trustee By Original Trustee Named in a Trust Agreement
  • Preview Appointment of Successor Trustee By Original Trustee Named in a Trust Agreement

How to fill out Appointment Of Successor Trustee By Original Trustee Named In A Trust Agreement?

It’s obvious that you can’t become a law expert immediately, nor can you learn how to quickly prepare Successor Trustee Vs Co Trustee For Trust without having a specialized background. Putting together legal forms is a time-consuming process requiring a particular education and skills. So why not leave the preparation of the Successor Trustee Vs Co Trustee For Trust to the professionals?

With US Legal Forms, one of the most comprehensive legal template libraries, you can access anything from court documents to templates for in-office communication. We know how crucial compliance and adherence to federal and local laws and regulations are. That’s why, on our website, all forms are location specific and up to date.

Here’s start off with our website and obtain the document you require in mere minutes:

  1. Find the document you need by using the search bar at the top of the page.
  2. Preview it (if this option provided) and check the supporting description to figure out whether Successor Trustee Vs Co Trustee For Trust is what you’re searching for.
  3. Start your search over if you need any other template.
  4. Register for a free account and select a subscription option to buy the template.
  5. Pick Buy now. Once the payment is through, you can get the Successor Trustee Vs Co Trustee For Trust, fill it out, print it, and send or mail it to the necessary people or entities.

You can re-access your forms from the My Forms tab at any time. If you’re an existing client, you can simply log in, and locate and download the template from the same tab.

Regardless of the purpose of your paperwork-whether it’s financial and legal, or personal-our website has you covered. Try US Legal Forms now!

Form popularity

FAQ

Successor trustees can be your adult children, other relatives, a trusted friend, or a corporate trustee (bank trust department or trust company). If you choose an individual, you should name more than one in case your first choice is unable to act.

Having multiple trustees typically slows down the administration process and can inevitably stir rancor between the siblings and, ultimately, when co trustees disagree, a legal battle ensues.

A trustee, who can either be the trustor or another responsible party, may be appointed while the trustor is still alive; a successor trustee is charged with administering a trust after the trustor or the appointed trustee (if they are different from the trustor) becomes incapacitated or dies.

Successor trustees are not the same as a co-trustees. Co-trustees duties are immediate, while a successor trustee waits until the trustee is incapacitated or dies to begin acting.

The Pros of Having Co-Trustees Co-trustees may have different skills that complement each other. Perhaps one has better communication and accounting skills while the other is more knowledgeable about managing investments.

Trusted and secure by over 3 million people of the world’s leading companies

Successor Trustee Vs Co Trustee For Trust