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 South Dakota Appointment of Successor Trustee By Original Trust or in a Trust Agreement is a crucial aspect of estate planning and setting up a trust in the state of South Dakota. This provision allows the original trust or (also referred to as the settler or granter) to designate an individual or entity to take over the role of trustee in the event that the original trustee is unable or unwilling to fulfill their responsibilities. In South Dakota, there are several types of Appointment of Successor Trustee that can be included in a Trust Agreement: 1. Limited Successor Trustee Appointment: This type of appointment allows the original trust or to designate a specific individual or entity as the successor trustee. The designation is limited to a particular circumstance or condition, such as the resignation or incapacity of the original trustee. 2. General Successor Trustee Appointment: A general successor trustee appointment grants the original trust or the ability to name a primary successor trustee, as well as alternate successor trustees to ensure continuity in the management of the trust. This provision comes into effect if the original trustee is unable or unwilling to act, or if they pass away. 3. Co-Trustee Appointment: In some cases, the original trust or may choose to appoint a co-trustee to work alongside the original trustee. This provision ensures that there is another individual or entity with knowledge of the trust's administration who can seamlessly assume trustee duties if needed. 4. Independent Trustee Appointment: An independent trustee appointment designates an individual or corporate trustee that is not affiliated with any beneficiaries or interested parties. This type of appointment ensures impartiality and objective decision-making in the administration of the trust. Including the South Dakota Appointment of Successor Trustee provision in a Trust Agreement provides peace of mind to the original trust or, knowing that their trust will be properly managed and overseen by a designated successor trustee if circumstances require. It is important to consult with a legal professional familiar with South Dakota trust laws to ensure that the Appointment of Successor Trustee provisions meet all legal requirements and achieve the trust or's objectives.
