Revocation Trust Trustee For Testamentary
Description
How to fill out Revocation Of Trust And Acknowledgment Of Receipt Of Notice Of Revocation By Trustee?
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FAQ
A proper deed of amendment should be lodged with the Master of the High Court, reflecting the old and the new name. The original Letters of Authority of the trustees, on which the old name is indicated, must be lodged with the Master of the High Court.
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.
The appointer of the trust has the power to remove and appoint the trustee. The trust can last for up to 80 years, however, it can be 'wound up' at an earlier time if needed.
The beneficiary is usually the trustee of their own trust, but a third party can be appointed in place or or as a joint trustee if necessary. This might include when the beneficiary is looking down the barrel of bankruptcy, there are marriage problems or there is limited capacity to manage ones own finances.
The first step in dissolving a revocable trust is to remove all the assets that have been transferred into it. The second step is to fill out a formal revocation form, stating the grantor's desire to dissolve the trust.