Acceptance Appointment Trustee For Trustee
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FAQ
As per Section 10 of the Indian Trusts Act, any person who is capable of holding property can be appointed as a trustee. A person is deemed to have the capacity to hold property, if such a person is capable of administering the property effectively and efficiently with ordinary prudence.
In addition to the trust agreement, other documents may be required to formalize the trustee appointment, such as a deed of appointment or a letter of wishes.
Each successor Trustee succeeds its predecessor Trustee by accepting in writing its appointment as successor Trustee and by filing the acceptance with the former Trustee and the Plan Administrator without the signing or filing of any further statement.
For trusts set up during your lifetime, you will appoint your Trustees in the trust deed ? the legal documentation which creates the trust. Deeds may also be executed to appoint or remove trustees whilst the trust is ongoing. Ordinarily, a maximum of four Trustees can be appointed.
A document used to accept an appointment as trustee of a revocable or irrevocable inter vivos trust or a testamentary trust. This Standard Document may be used to accept an appointment as a successor or additional trustee made in a trust instrument or by an outside appointment document.
