Texas Recitals regarding Declination to Serve as Successor Trustee
Description Declination Letter
How to fill out Texas Recitals Regarding Declination To Serve As Successor Trustee?
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Declination To Serve As Executor Texas Form popularity
Decline Trustee Form Other Form Names
FAQ
For a revocable living trust, that Trustee is usually the person that created the trust.The successor trustee usually takes power when the person that created the trust either becomes incapacitated or has died. The Trustee only manages the assets that are owned by the trust, not assets outside the trust.
Successor trustees have to willingly accept their role usually by signing a consent to serve or affidavit of appointment. If an existing trustee wishes to change their successor trustee, they must make an actual amendment to the trust. Most courts won't accept informal, self-made changes.
A Successor Trustee is the person responsible for administering the trust after its Grantor either passes away or becomes Incapacitated that is, unable to administer the trust for themselves.
Once you follow that directive, the Trustee must step down and a successor Trustee can be appointed.Once a Trustee resigns, then either the next person named would act, or maybe you can appoint someone new if the Trust terms allow you to do that. Either way, a new Trustee will be in office when a Trustee resigns.
It's perfectly legal to name a beneficiary of the trust (someone who will receive trust property after your death) as successor trustee. In fact, it's common. EXAMPLE: Mildred names her only child, Allison, as both sole beneficiary of her living trust and successor trustee of the living trust.
Do not sign the trust agreement. Do not exercise any powers given to you under the trust agreement. Notify the trust's beneficiaries that you decline. Notify the other successor trustee you have declined.
A release provides protection to the trustee in a scenario where the beneficiary later decides to sue the trustee. The trustee can use the release to show that the beneficiary released the trustee of any legal claims the beneficiary might later bring.
Write an amendment to the trust. The amendment prevents the need to write a whole new trust. At the top of the page, state the date and that this is an amendment to name a successor trustee.