A well drafted trust instrument will generally prescribe the method and manner of substitution, succession, and selection of successor trustees. Such provisions must be carefully followed. A trustee may be given the power to appoint his or her own successor. Also, a trustor may reserve, or a beneficiary may be given, the power to change trustees. This form is a sample of a resignation by the trustee prior to the appointment of a new trustee.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Arizona Resignation by Trustee Named in a Trust Instrument is a legal process that allows a trustee named in a trust document to step down from their role and relinquish their responsibilities and duties. This resignation is governed by specific laws and regulations outlined in the Arizona Revised Statutes (AS). In Arizona, there are different types of resignation by trustee named in a trust instrument, which include: 1. Voluntary Resignation: When a trustee willingly decides to resign from their position, they can submit a written resignation letter to the beneficiaries and co-trustees named in the trust instrument. This resignation should be in compliance with the terms and conditions specified in the trust instrument and follow the procedures outlined in AS. 2. Trust Instrument Provisions: Some trust instruments may include specific provisions regarding the resignation of a trustee. These provisions may outline the requirements and procedures for resigning, such as notice periods, beneficiary consent, or selection of a successor trustee. The trustee must adhere to these provisions while tendering their resignation. 3. Court Approval: In certain cases, a trustee may be required to seek court approval to resign from their position. This situation arises when the trust instrument does not provide clear procedures for resignation or there is a dispute among the beneficiaries or co-trustees regarding the resignation. The trustee must file a petition with the court, providing valid reasons for their resignation, and seek the court's approval for their resignation. Irrespective of the resignation type, the trustee named in a trust instrument must ensure compliance with AS while navigating the resignation process. Some relevant keywords associated with Arizona Resignation by Trustee Named in a Trust Instrument include trustee obligations, fiduciary duties, trust instrument provisions, resignation procedures, voluntary resignation, court approval, successor trustees, Arizona Revised Statutes, beneficiary consent, notice periods, written resignation letter, and petition for court approval. It is important for individuals involved in a trust arrangement, whether as a trustee, beneficiary, or co-trustee, to consult with a qualified attorney familiar with Arizona trust laws to ensure a smooth and legally compliant resignation process.
