Resigning As Trustee For Trust
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How to fill out Consent Of Successor Trustee To Appointment Following Resignation Of Original Trustee?
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FAQ
A petition for removal of a trustee can be filed by either a co-trustee or a beneficiary. The petition may also seek financial damages from the trustee. Sufficient evidence needs to be submitted to show the court that the trustee violated the terms of the trust agreement or their fiduciary duty.
A resignation is a formal document that needs to be in writing and signed by the trustee but does not need to be notarized unless the trust language requires it.
Most trusts include a provision that outlines how a trustee may resign. Usually, this procedure includes signing a Resignation to Serve as Trustee and also sending written notice and a report and account of their actions as Trustee to the trust beneficiaries.
In that case, the trustee may resign either by obtaining consent from the appropriate parties or by filing a petition to resign with the probate court. California Probate Code §17200 allows a trustee to petition the court to accept their resignation as trustee.
When resigning the role, you should also take the necessary steps to ensure that the trust's administration will go on without you. To do this, you should: Review the trust instrument to see if a successor trustee has been named. If one has not, the court will appoint a new one.