Memphis Tennessee Acceptance of Office by Trustee with Limitations

• Category: Trusts - Trustees
• State: Multi-State
• City: Memphis
• Control #: US-0690BG
• Format: Word; Rich Text

Description

Acceptance of a trust by the person designated in the trust instrument as trustee is not necessary to the existence or validity of the trust. However, acceptance by a trustee is necessary in order to charge the trusteee with the office of trustee and the administration of the trust. One may decline to act as trustee. If, however, a nomineee does accept the trust, he or she can relieve himself or herself of responsibility by resignation or retirement only after the performance of his or her legal and equitable duties and the satisfaction of his or her liabilities or the release from the same. No formality, writing, signature or even oral assent is necessary for an acceptance of a trust by a trustee. Acceptance by a trustee may be effected, established, or proved by actual consent, an endorsement on the trust instrument, an exercise of any power or right over the trust property, a failure to disclaim the trust under certain circumstances, the administration of the trust for a substantial time, the receipt and retention of the trust instrument and notification to the beneficiary, or the initiation of a suit to protect the trust.