Michigan Certificate of Trust for Successor Trustee
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How to fill out Certificate Of Trust For Successor Trustee?
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Make a written demand for a copy of the Trust and its amendments, if any; Wait 60 days; and. If you do not receive a copy of the Trust within 60 days of making your written demand, file a petition with the probate court.
700.7817 Specific powers of trustee. Sec. 7817. Without limiting the authority conferred by section 7816, a trustee has all of the following powers: (a) To take possession, custody, or control of property transferred to the trust and accept or reject additions to the trust.
A successor trustee steps in and manages the trust when the trustee is no longer able to continue (usually due to incapacity or death). Typically, several are named in succession in case one or more cannot act. Sometimes adult children are named to act together; or, a corporate trustee is named.
Because successor trustees have a lot of responsibility, they should be chosen carefully. If you become incapacitated, your successor will step in and take full control of your finances for you?paying bills, making financial decisions, even selling or refinancing assets.
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.
The original trust will contain a provision that specifies who will be the successor trustee. This person, who takes over management of all the trusts upon the death of the surviving spouse, is often one of the couple's children, but it may be any number of the children or sometimes a bank or trust company.
A certificate of trust existence and authority shall be executed by the settlor or grantor; an attorney for the settlor, grantor, or trustee; or an officer of a banking institution or an attorney if then acting as a trustee. The certificate shall be in the form of an affidavit. History: 1991, Act 133, Imd.
Trustees generally do not have the power to change the beneficiary of a trust. The right to add and remove beneficiaries is a power reserved for the grantor of the trust; when the grantor dies, their trust will usually become irrevocable. In other words, their trust will not be able to be modified in any way.
A trustee, who can either be the trustor or another responsible party, may be appointed while the trustor is still alive; a successor trustee is charged with administering a trust after the trustor or the appointed trustee (if they are different from the trustor) becomes incapacitated or dies.