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Successor Trustee: A second person who can take over for the trustee if the trustee is incapable of fulfilling the duties or has died There are two kinds of living trusts: revocable and irrevocable.
In most cases, the acting trustee (and the successor to that trustee in the event the trustee can no longer serve) is named specifically in the trust instrument. A person nominated as a trustee can decline to serve as a trustee [ 22 ] or if serving may choose to resign as a trustee upon notice to the trust's beneficiaries. [ 23 ]
A revocable trust can be changed at any time. ... Trusts can be managed by successor trustees or, as often happens, by those with a power of attorney for the trust’s creator.
There are many types of trusts, but one of the most common is a living trust. With a living trust, you designate a successor trustee to carry out your wishes after you pass, distributing assets to ...
The increased use of trusts in estate planning during the latter half of the 20th century highlighted inconsistencies in how trust law was governed across the United States. In 1993, recognizing the need for a more uniform approach, the Uniform Law Commission (ULC) appointed a study committee chaired by Justice Maurice Hartnett of the Delaware ...
In South Africa, in addition to the traditional living trusts and will trusts there is a "bewind trust" (inherited from the Roman-Dutch bewind administered by a bewindhebber) [51] in which the beneficiaries own the trust assets while the trustee administers the trust, although this is regarded by modern Dutch law as not actually a trust. [52]
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