Acceptance Of Successor Trust Without

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Multi-State
Control #:
US-01182BG
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Word; 
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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 a successor trustee accepting such appointment after the resignation of the original trustee.


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.

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FAQ

In fact, by law, a designated trustee alone may access trust checking account, to cut checks and replenish funds as needed. Even if there are multiple trustees, banks usually require one specific signature to endorse all checks.

Grantors can choose to nominate a close relative, family friend, or even financial institution to take on the role of Successor Trustee. A Grantor will name their Successor Trustee within a document called a Declaration of Trust, which is also where their role will be explained.

Each successor Trustee succeeds its predecessor Trustee by accepting in writing its appointment as successor Trustee and by filing the acceptance with the former Trustee and the Plan Administrator without the signing or filing of any further statement.

Can the Successor Trustee Be a Beneficiary of the Trust? It's perfectly legal to name a beneficiary of the trust (someone who will receive trust property after your death) as successor trustee. In fact, it's common.

Successor trustees are typically granted immediate access to the assets held by the trust upon accepting their appointment; what they can do with these assets and their rights to withdraw money from a trust, however, are limited.

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Acceptance Of Successor Trust Without