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.
Michigan Resignation by Trustee Named in a Trust Instrument is a legal action taken by a trustee who wishes to voluntarily give up their role and responsibilities as the trustee of a trust. This type of resignation is specifically addressed in the trust instrument, which is the legal document that establishes the terms and conditions of the trust. In the state of Michigan, there are a few different types of resignation that may be named in a trust instrument. These can include: 1. Conditional Resignation: This type of resignation takes effect only if certain conditions stated in the trust instrument are met. For example, a trustee may specify that they will resign if they become unable to perform their duties due to a serious illness or incapacity. 2. Unconditional Resignation: This is a straightforward resignation where the trustee simply wishes to step down from their position without any specific conditions or requirements. 3. Partial Resignation: In some cases, a trustee may choose to resign from only a specific portion or aspect of their trustee duties, while still retaining some level of involvement or responsibility. It is important to note that the process for a resignation by trustee named in a trust instrument in Michigan must adhere to specific legal procedures and requirements. The trust instrument should outline the steps and procedures that the trustee must follow to resign properly. Generally, these may include providing written notice to the beneficiaries and other interested parties, as well as filing necessary documentation with the appropriate court. Resignation by a trustee named in a trust instrument can have significant implications for the management and administration of the trust. Therefore, it is crucial to consult with an experienced attorney who specializes in trust and estate law in Michigan to ensure the resignation is executed correctly and in accordance with the law and the terms of the trust instrument.
