Revocation Trust Trustee For Family
Description
How to fill out Revocation Of Trust And Acknowledgment Of Receipt Of Notice Of Revocation By Trustee?
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FAQ
Removal by the trustor Trust agreements usually allow the trustor to remove a trustee, including a successor trustee. This may be done at any time, without the trustee giving reason for the removal. To do so, the trustor executes an amendment to the trust agreement.
Usually there are two ways in which a beneficiary can be removed; The beneficiary can sign a legal document renouncing their interest in the Trust assets. The Trustee can use their discretionary power to remove an individual as a beneficiary by following the instructions in the Trust Deed.
The trust deed lists the trustees. Therefore, to change an individual trustee, you need to amend the trust deed. Most trust deeds permit a change of trustee by way of a trustee resolution and entry into a deed of variation. A trustee resolution is a signed statement of the actions taken by the trustee.
As long as there are enough trustees remaining then the trustee can simply retire or else they can appoint someone else in their place before stepping down. If the trustee refuses to step down, then the first port of call is to check the trust document as that often contains express powers to remove trustees.
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.