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During the lifetime of the trust certain events may trigger a change of trustee. In each case this will lead to either the appointment, removal, replacement or retirement of the trustee(s) and can either by agreed between the parties (which is the usual course) or achieved by an application to the Court.
How do I remove a trustee from a trust in California?
According to California Probate Code §15642, a trustee can be removed according to the terms of the trust instrument, by the probate court on its own motion, or if the trustmaker, a co-trustee, or a beneficiary files a petition for removal in the probate court.
Can the successor trustee and executor be the same person?
A person can be both an executor and a trustee of a testamentary trust. A trustee is only responsible for dealing with specific trusts and has no responsibilities for anything other than those trusts. A trustee is given temporary ownership of certain assets to invest on a beneficiary's behalf.
What is a successor declaration?
Successor declarant means any person or entity to whom Declarant assigns any or all of its rights, obligations or interest as Declarant, as evidenced by an assignment or deed of record executed by both Declarant and the transferee or assignee and recorded with the Clerk and Recorder.
What does it mean to appoint a successor?
Someone's successor is the person who takes their job after they have left.
acceptance of successor trustee form
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Successor Trustee is the person or institution who takes over the management of a living trust property when the original trustee has died or become incapacitated. The exact responsibilities of a successor trustee will vary depending on the instructions left by the creator of the trust (called the Grantor).
How do I change my successor trustee?
Generally, a successor trustee cannot change or amend a trust. Most trusts are initially managed by their creator or original trustee, while they are still alive and competent. But after their passing, a successor trustee must step in to take legal title to assets and administer the trust according to its terms.
When can a trustee be replaced?
The beneficiaries can challenge the validity of the trust if one of the following can be proved: the settlor lacked mental capacity or was unduly influenced when creating the trust. the trust documentation lacks clarity. the trust was not formed properly.
What are the responsibilities of a successor trustee in California?
Often, the trust says the successor trustee will take care of paying for the settlor's funeral expenses, and the settlor's outstanding debts (like, recent medical expenses and credit card bills), and then distribute what is left to the beneficiaries of the trust.
What is the difference between a trustee and a successor trustee?
A trustee, who can either be the trustor or another responsible party, may be appointed while the trustor is still alive; a successor trustee is charged with administering a trust after the trustor or the appointed trustee (if they are different from the trustor) becomes incapacitated or dies.
successor trustee acceptance form
successor Trustee - California Legislative Information - CA.gov
Cal. Code Regs. Tit. 22, § 66264.151 - Wording of the Instruments ...
(a) The term "Grantor" means the owner or operator who enters into this Agreement and any successor or assigns of the Grantor. (b) The term "Trustee" ...
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