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 Pennsylvania Appointment of Successor Trustee By Original Trust or in a Trust Agreement is a legal provision that allows the original trust or of a trust to name a successor trustee to take over the management and administration of the trust in the event of their incapacity, death, or resignation. This provision ensures continuity and smooth transition of trust administration to a trusted individual or entity. In Pennsylvania, there are different types of Appointment of Successor Trustee that can be made by the original trust or in a trust agreement. These types include: 1. Individual Successor Trustee: The original trust or may select an individual, such as a family member, friend, or trusted advisor, to serve as the successor trustee. This type of appointment ensures a personal and familiar touch to the trust administration. 2. Corporate Successor Trustee: The original trust or may elect a corporation or a professional trustee company to act as the successor trustee. This option is often chosen when a higher level of expertise, professionalism, and legal accountability is desired. 3. Co-Successor Trustees: The original trust or may appoint multiple individuals or entities to serve as co-successor trustees. This arrangement allows for joint decision-making and greater flexibility in trust management, as well as ensures continuity in the event that one or more of the trustees are unable to fulfill their duties. 4. Successor Trustee Nomination: The original trust or may provide a list of potential successor trustees, ranked in order of preference. This enables the trust or to have some control over who will ultimately assume the role, while still allowing flexibility and choice based on the circumstances at the time of the trust or's incapacity or death. Regardless of the specific type of Appointment of Successor Trustee chosen, it is crucial to clearly outline the powers, responsibilities, and limitations of the successor trustee within the trust agreement. The document should also include provisions for notification and acceptance of the role by the successor trustee, as well as procedures for any compensation they may be entitled to. Overall, the Pennsylvania Appointment of Successor Trustee By Original Trust or in a Trust Agreement is a critical provision that ensures the proper management and administration of a trust and allows the trust or to have peace of mind knowing that their wishes will be carried out in the event of their incapacitation or death.
