Successor Trustee Appointment Form With Trustee
Description
How to fill out Consent Of Successor Trustee To Appointment Following Resignation Of Original Trustee?
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FAQ
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.
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 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.
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.
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).