It’s gets stressful and emotional for the entire family, especially when parents may want to stay in the property but at this point in their life they can’t be on their own. It’s not unusual for there to be discord between family members when emotions, logic and finances clash.
ACTING AS THE S S THE SUCCESSOR TRUSTEE
If a parent has cognitive capability they can resign and assign their position to a successor trustee typically involve legal and administrative steps outlined in the trust document and governed by state law. If the parent is deemed to lack the mental capacity to make decisions regarding their trust, the family may need to petition the court for guardianship or conservatorship. This legal process involves appointing a guardian or conservator to make decisions on behalf of the incapacitated person, including managing their trust affairs. The trust document itself may contain provisions for what happens if a trustee becomes incapacitated. It may outline a process for appointing a successor trustee in such circumstances. The family should carefully review the terms of the trust and follow any procedures specified therein. Resignation of Trustee: The current trustee who wishes to resign must formally notify the beneficiaries and all other interested parties of their intention to resign from their position as trustee. This notification is typically done in writing and may include the reasons for the resignation. Appointment of Successor Trustee: The trust document usually outlines the procedure for appointing a successor trustee. This may involve specific instructions on how the successor trustee should be selected or named. Common methods include naming
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