Maine Revocable Living Trust Agreement - Declination to Serve as Successor Trustee and Appointment of Successor Trustee
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How to fill out Maine Revocable Living Trust Agreement - Declination To Serve As Successor Trustee And Appointment Of Successor Trustee?
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FAQ
For a revocable living trust, that Trustee is usually the person that created the trust.The successor trustee usually takes power when the person that created the trust either becomes incapacitated or has died. The Trustee only manages the assets that are owned by the trust, not assets outside the trust.
What is a Successor Trustee? A Successor Trustee is the person responsible for administering the trust after its Grantor either passes away or becomes Incapacitated that is, unable to administer the trust for themselves.
Do not sign the trust agreement. Do not exercise any powers given to you under the trust agreement. Notify the trust's beneficiaries that you decline. Notify the other successor trustee you have declined.
Once you follow that directive, the Trustee must step down and a successor Trustee can be appointed.Once a Trustee resigns, then either the next person named would act, or maybe you can appoint someone new if the Trust terms allow you to do that. Either way, a new Trustee will be in office when a Trustee resigns.
Can a successor trustee change a trust? Generally, no. Most living or revocable trusts become irrevocable upon the death of the trust's maker or makers. This means that the trust cannot be altered in any way once the successor trustee takes over management of it.
It's perfectly legal to name a beneficiary of the trust (someone who will receive trust property after your death) as successor trustee. In fact, it's common. EXAMPLE: Mildred names her only child, Allison, as both sole beneficiary of her living trust and successor trustee of the living trust.
If no one you named in the trust document can serve, the last trustee to serve has the power to appoint, in writing, another successor trustee.
If your Trust allows you, or some other person, to remove the Trustee and appoint a new Trustee, then your job is easy.Once a Trustee resigns, then either the next person named would act, or maybe you can appoint someone new if the Trust terms allow you to do that.
