Who can appoint a successor trustee?
Question Details:
A trustee created a trust in the favor of 3 beneficiaries; 1 of the beneficiaries being the trustee himself. But the trustee has passsed away. Can the other 2 beneficiaries appoint a new trustee now? If not, what happens now? The trustee died leaving no Will.
Wills, Trusts, Probate Law Answers
I am so sorry for your loss. Reading the trust document would be a big help here. Does the trust name a trust advisor or a trust protector? Under Vermont statutes either of those parties named would be able to appoint a successor trustee for the trust. If not then you may have to make an application to the Court to appoint a successor trustee. It would be easiest if all of you agreed to who would be appointed as any discord will only result in a hearing and a delay. Please bring the trust to an attorney to read on your behalf. Then you can decide how to proceed in the most efficient way. Good luck.
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