Appoints as Successor Trustee, Whether One or More Form
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People also ask
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What if no successor trustee is named?
In cases where no successor trustee is named, or the designated successor can't fulfill their duties for some reason, the beneficiaries may have the power to appoint a replacement. If they do not have such a power or cannot agree, the courts may need to appoint a successor.
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What is an example of a successor trustee?
For example, the successor trustee can be a close friend, an adult child, your spouse, your lawyer, an accountant, or a corporate trustee.
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How is a successor trustee appointed?
How are successor trustees appointed? Successor trustees are appointed in the trust document itself. The trustor will specify who they want to take over management of the trust if and when they can't do it themselves.
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Who is the best person to appoint as trustee?
If you choose an individual, you should name more than one in case your first choice is unable to act. They should be people you know and trust, people whose judgment you respect and who will also respect your wishes.
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How to pick a successor trustee?
Most people choose their spouse, child, or another relative as their successor trustee. Many trustors also select an organization or a private trustee as their successor for larger trusts. In addition, a family member and an estate planning, accounting, or finance expert may be named as co-trustees by the trust maker.
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Can there be more than one successor trustee?
Obviously, it's easy to let each act without waiting for formal, written consent from the others. You may, however, prefer to have them all formally agree before taking action on behalf of the trust. If you name more than one successor trustee and one of them can't serve, the others will serve.
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Who should I name as successor trustee?
Many people choose family members to serve as trustees. They don't charge a fee, and they generally have a personal stake in the trust's success. Using a family member as successor trustee can be a good more for a small or medium sized trust if the family member: is competent to handle the financial matters involved.
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Who is the best person to be a trustee?
A good Trustee should be someone who is honest and trustworthy, because they will have a lot of power under your trust document. The person you choose to act as a Trustee should also be financially responsible, because they will be handling the investments for the benefit of your beneficiaries.
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