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 trustee naming a successor trustee pursuant to the terms of the trust.
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.
South Dakota Appointment of Successor Trustee By Original Trustee Named in a Trust Agreement The South Dakota Appointment of Successor Trustee By Original Trustee Named in a Trust Agreement is a legal document that allows the original trustee named in a trust agreement to designate a successor trustee to take over the administration and management of the trust when the original trustee is no longer able to fulfill their duties. In South Dakota, there are different types of South Dakota Appointment of Successor Trustee By Original Trustee Named in a Trust Agreement, including: 1. Revocable Living Trust Appointment of Successor Trustee: This type of appointment allows the original trustee of a revocable living trust to name a successor trustee to manage the trust assets and distribute them according to the terms of the trust when the original trustee becomes incapacitated or passes away. 2. Irrevocable Trust Appointment of Successor Trustee: In the case of an irrevocable trust, the original trustee may also appoint a successor trustee to take over the trust administration. This appointment is often done to ensure that the trust assets are properly managed and distributed in accordance with the trust's provisions. 3. Testamentary Trust Appointment of Successor Trustee: A testamentary trust is created through a person's last will and testament and becomes effective upon their death. In this type of appointment, the original trustee named in the trust agreement can appoint a successor trustee to carry out the trust's instructions after their own passing. The South Dakota Appointment of Successor Trustee By Original Trustee Named in a Trust Agreement is essential for ensuring a smooth transition of trust administration and ensuring that the trust objectives are carried out effectively. It provides clear guidelines and authority to the designated successor trustee, outlining their responsibilities and duties. Keywords: South Dakota, appointment of successor trustee, original trustee, trust agreement, revocable living trust, irrevocable trust, testamentary trust, trust administration, trust assets, trust management, successor trustee duties.
