Successor Trustee Appointment Form With Trust
Description
How to fill out Consent Of Successor Trustee To Appointment Following Resignation Of Original Trustee?
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FAQ
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.
Successor Trustee is the person or institution who takes over the management of a living trust property when the original trustee has died or become incapacitated. The exact responsibilities of a successor trustee will vary depending on the instructions left by the creator of the trust (called the Grantor).
Under section 41 of the Trustee Act 1925, the court has a wide discretionary power to appoint new trustees either in addition to, or in substitution for existing trustees. The power may be exercised whenever the court considers it expedient to do so.
EXAMPLE: Caroline names her two children, Eugene and Vanessa, as successor trustees. She names a close friend, Nicole, as alternate successor trustee. When Caroline dies, Vanessa is ill and can't serve as trustee, so Eugene acts as sole successor trustee. If he becomes unable to serve, Nicole would take over.
Successor Trustee is the person or institution who takes over the management of a living trust property when the original trustee has died or become incapacitated. The exact responsibilities of a successor trustee will vary depending on the instructions left by the creator of the trust (called the Grantor).