Guam Certificate of Trust for Successor Trustee
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How to fill out Certificate Of Trust For Successor Trustee?
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FAQ
Your successor will be able to do anything you could with your trust assets, as long as it does not conflict with the instructions in your trust document and does not breach fiduciary duty.
It is not unusual for the successor trustee of a trust to also be a beneficiary of the same trust. This is because settlors often name trusted family members or friends to both manage their trust and inherit from it.
Grantors can choose to nominate a close relative, family friend, or even financial institution to take on the role of Successor Trustee. A Grantor will name their Successor Trustee within a document called a Declaration of Trust, which is also where their role will be explained.
Successor Trustee is the person or institution who takes over the management of a living trust property when the original trustee has died or become incapacitated.
Under section 41 of the Trustee Act 1925, the court has a wide discretionary power to appoint new trustees either in addition to, or in substitution for existing trustees. The power may be exercised whenever the court considers it expedient to do so.
The successor trustee may be the primary beneficiary of the trust. However, the successor trustee can be anyone you trust. For example, the successor trustee can be a close friend, an adult child, your spouse, your lawyer, an accountant, or a corporate trustee.
Successor trustees are not the same as a co-trustees. Co-trustees duties are immediate, while a successor trustee waits until the trustee is incapacitated or dies to begin acting.