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 trustor appointing a successor trustee after the resignation of the original 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.
The Kansas Appointment of Successor Trustee by Original Trust or in a Trust Agreement is an important provision that outlines the process of selecting a new trustee to take over the management and administration of a trust in the event that the original trustee is unable or unwilling to continue serving in that role. This provision is a crucial aspect of trust planning as it ensures the smooth transition of trust administration and helps maintain the trust's integrity. In Kansas, there are different types of Appointment of Successor Trustee provisions that can be included in a Trust Agreement, depending on the specific needs and preferences of the trust or. Some of these variations include: 1. General Appointment of Successor Trustee: This type of provision allows the original trust or to designate a specific individual or entity to become the successor trustee in the event of their incapacity, resignation, or death. The designation of the successor trustee can be made in the Trust Agreement itself or through a separate written instrument, such as a letter of intent. 2. Specific Appointment of Successor Trustee: In this type of provision, the original trust or specifies one or more individuals or entities who will succeed as trustee in a predetermined order or priority. The trust or may outline the circumstances under which each successor trustee will assume the role and the process for their appointment. 3. Trustee Nomination: Alternatively, the trust or may provide a trustee nomination provision, allowing them to nominate a specific individual or entity to serve as the successor trustee. While the nomination is not binding, it carries significant weight, and the court will typically give strong consideration to the trust or's choice, unless there are compelling reasons not to appoint the nominated trustee. 4. Trust Protector Appointment: Some trust agreements may include a provision for the appointment of a trust protector. A trust protector is an individual or entity responsible for overseeing the trustee's actions and ensuring the trust's goals and objectives are being met. The trust protector may have the authority to remove or replace the trustee, including the power to appoint a successor trustee. These provisions are designed to provide flexibility and ensure that the trust or's intentions are carried out even if the original trustee is unable to fulfill their duties. It is advisable for trustees to work closely with estate planning professionals or attorneys when drafting these provisions to ensure they align with their specific goals and comply with Kansas trust laws. Regular review and updating of the trust agreement are also recommended accounting for any changes in circumstances or individuals nominated as successor trustees.
