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Appointment of a successor trustee refers to the process of having a new trustee take over management of a trust. Most trusts are managed by their creators during their lifetime. But trusts dont die with their makers, and that is why a successor trustee takes over.
What does successor mean in royalty?
If you are successor to the throne, that means youre next in line when the current royal has to step down. The successor takes over when someone gives up a position or title or when something becomes outdated.
What does it mean when someone is a successor?
successor sək-ˈses-ər. : one that follows. especially : a person who succeeds to a throne, title, estate, or office.
What is a designated successor?
In the United States, a designated survivor (or designated successor) is a person in the presidential line of succession who is kept distant from others in the line when they are gathered together, to reduce the chance that everyone in the line will be unable to take over the presidency in a catastrophic or mass-
What does successor mean in legal terms?
: a person who has a job, position, or title after someone else : someone who succeeds another person.
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The vice president is designated as first in the presidential line of succession by the Article II succession clause, which also authorizes Congress to provide for a line of succession beyond the vice president.
Related links
11 U.S. Code 703 - Successor trustee - Cornell Law School
Pending the election of a successor, the court may appoint an interim trustee in the usual manner if necessary to preserve or prevent loss to the estate.
(a) If the necessity exists, the court may immediately accept the resignation of a personal representative and appoint a successor representative. (b) The court
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