My elderly parents want to resign as trustees of their trust and appoint me…

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My elderly parents want to resign as trustees of their trust and appoint me…

… but they don’t want to pay the lawyer fees to do it — 1500-2500. Can we do it on our own? They want me to be able to handle their affairs since they have both been diagnosed with Alzheimer’s. Right now they are okay but eventually they will need a lot of care. I am named as successor trustee in the trust right now.

Asked on August 18, 2018 under Estate Planning, California

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Yes, if you are already named as the successor trustee, they can do this: all they need to do is to draft and sign a document stating that they resign as and going forward refuse to serve as trustee. The document shoud be witnessed and notarized the same way the documents creating the trust in the first place were witnessed and notarized when the trust was set up (i.e. follow the same formalities). If the trust documents require that a named trustee do anything when resigning, also do whatever this trust requires.


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