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 Nebraska Appointment of Successor Trustee By Original Trust or in a Trust Agreement is an essential provision that allows the original trust or (also known as the settler or granter) to select a successor trustee who will step in and manage the trust's assets and affairs in the event of the original trustee's incapacity, resignation, or death. This provision ensures the seamless administration and continuity of the trust. In Nebraska, there are different types of Appointment of Successor Trustee provisions that can be included in a Trust Agreement. These may include: 1. Contingent Appointment: This type of appointment is triggered when the original trustee becomes unable or unwilling to fulfill their duties or if certain specified conditions occur. The original trust or can identify a specific individual, such as a family member, friend, or professional trustee, to serve as the successor trustee upon the occurrence of the triggering event. 2. Sequential Appointment: With this type of appointment, the original trust or designates a list of potential successor trustees in a specified order. If the first designated successor trustee is unable or unwilling to serve, the responsibility passes to the next person on the list, and so on, until a willing and able successor trustee is found. 3. Co-Trustee Appointment: In some cases, the original trust or may want to appoint a successor trustee to serve alongside the original trustee rather than replacing them entirely. This arrangement can provide a smooth transition and ensure that there is always someone with knowledge of the trust's affairs who can step in if needed. 4. Trustee Removal and Replacement: This provision allows the original trust or to remove and replace a trustee at any time, for any reason. It grants the trust or the flexibility to appoint a new trustee without the need for specific triggering events, allowing them to make changes based on their preference or if they have concerns about the original trustee's performance. The Appointment of Successor Trustee provision in a Nebraska Trust Agreement is crucial for ensuring the proper administration, management, and protection of the trust's assets. It allows the original trust or to carefully consider the appropriate person or entity to handle their affairs when they are no longer able to do so themselves, providing peace of mind for both the trust or and beneficiaries.
