Trustee Resignation Form Illinois Withholding
Description
How to fill out Consent Of Successor Trustee To Appointment Following Resignation Of Original Trustee?
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FAQ
Under 760 ILCS 3/705(a), unless the trust terms provide otherwise, a trustee may resign upon notice to all interested parties (i.e., the settlor, if living, all co-trustees, and beneficiaries who are distributees or permissible distributees of trust income), or with court approval.
I, __________________, Trustee of __________________________________ do. hereby resign on _______________ (Date) all of my Trustee responsibilities, rights, title, and any other interest whatsoever I may have or had in this trust or trusts.
Section 760 ILCS 3/706 - Removal of trustee (a) A settlor, a co-trustee, or a qualified beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative.
How to change the trustee of a Discretionary (Family) Trust? Resignation A trustee may resign as trustee of the trust by giving the appointor(s), or trustee(s) as relevant, notice. ... Removal If the trust has an appointor(s), then the appointor(s) may remove a trustee at any time by signing a statement to that effect.
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.