Massachusetts Decree And Order On Petition For Resignation Removal Appointment of Successor Trustee is a Massachusetts court order issued when a trustee in a trust resigns and an appointing authority petitions the court to appoint a successor trustee. There are several types of Massachusetts Decree And Order On Petition For Resignation Removal Appointment of Successor Trustee, including: voluntary resignations, removal by court order, due to incapacity, or due to a conflict of interest. The Decree And Order will detail the information regarding the resignation, removal, appointment of a successor trustee, and any other related orders, such as filing of accounts or the release of funds. The Decree And Order must be signed by the court and will be served to all appropriate parties.
Massachusetts Decree And Order On Petition For Resignation Removal Appointment of Successor Trustee
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On what grounds can a trustee be removed? Breach of trust ? the trustee has failed to follow the terms of the trust document. Death of a trustee ? being a trustee is a personal role, it cannot be passed onto the deceased' trustee's executors. Incapacity of a trustee ? if they no longer have capacity to make decisions.
Trustee resignation sometimes occurs prior to the administration of the trust. In this scenario, the named successor trustee should inform the trust administration attorney that they wish to resign and sign a document called Declination to Serve as Trustee.
A document used to decline an appointment as trustee of a revocable or irrevocable inter vivos trust or a testamentary trust. This Standard Document can be used to decline an appointment as a successor or additional trustee made in a trust instrument or by an outside appointment document.
Under Massachusetts law, unless the trust document provides for removal, a trustee may only be removed by order of court on its own or by petition of a settlor, co-trustee or beneficiary.
A trustee who has resigned or is removed has the powers reasonably necessary under the circumstances to preserve the trust property until it is delivered to the successor trustee and to perform actions necessary to complete the resigning or removed trustee's administration of the trust.
Trustee misconduct occurs when a trustee acts with negligence or incompetence in the course of performing their duties and responsibilities as a trustee.
In Massachusetts, Trust decanting is permitted if the Trust instrument authorizes the Trustee to remove the assets from one Irrevocable Trust and place them in a new Irrevocable Trust with the same beneficiaries. Some states have statutes that authorize Trust decanting, but Massachusetts does not.
Can a Beneficiary Override a Trustee? No, beneficiaries generally cannot override a trustee unless the trustee fails to follow the terms of the trust instrument or breaches their fiduciary duty.