No. No one can close a bank account when there are outstanding checks that must be paid to the bearer.
You must review the terms of the trust to determine how a successor trustee can be appointed. The successor can take over the duties of the trustee.You must review the terms of the trust to determine how a successor trustee can be appointed. The successor can take over the duties of the trustee.You must review the terms of the trust to determine how a successor trustee can be appointed. The successor can take over the duties of the trustee.You must review the terms of the trust to determine how a successor trustee can be appointed. The successor can take over the duties of the trustee.
The trustee is the person who presently has the authority to carry on the business of the trust. If the trustee dies, resigns or is for some reason unable to continue their duties then a successor trustee is appointed. A well drafted trust will name a successor trustee and a process by which successor trustees may be appointed. If the trust instrument fails to provide for the appointment of a successor trustee then a court of equity can be petitioned to make an appointment. Once appointed, the successor trustee has all the powers and duties of the original trustee.
A successor trustee will distribute the trustor's personal belongings as dictated by the will and testament. This means that the successor trustee is bound by the same legal obligations as the original trustee.
The successor trustee has generally the same rights and powers granted to the original trustee.The successor trustee has generally the same rights and powers granted to the original trustee.The successor trustee has generally the same rights and powers granted to the original trustee.The successor trustee has generally the same rights and powers granted to the original trustee.
It depends on the provisions of the trust. If the trust provides that the trustee in office can delegate their authority the procedure for doing so must be followed. A second "successor trustee" doesn't take office until the first successor trustee can no longer act. While the first successor trustee is in office the second named successor has no power. You need to review the trust with an attorney in order to understand its terms and the powers of the trustee.
In general, once a trustee transfers their duties to a successor trustee, they no longer have the authority to take back those duties without the approval of the beneficiaries or a court order. It is important to follow the terms outlined in the trust document and seek legal advice if there is a dispute or question about trustee responsibilities.
It would be possible depending on the details. For example, the current trustee could execute a valid lease on behalf of the trust. If a successor trustee was appointed, the trust would still be subject to the terms of that lease so the successor trustee would be obliged to honor it.
If the custodian is the custodian or successor of the UGTMA in the event of the custodians death - yes by definition that is the custodians responsibility. If the custodian is, for example, the custodian of the estate of the adult who had custodial control of the UGTMA account the situation is different. A successor trustee is normally required when setting up the custodial account. If so, that successor custodian as named in the UGTMA account would have those powers. In this example, if the successor custodian is different on the UGTMA account than the custodian or trustee of the estate, the UGTMA account successor custodian would take precedence. Remember, the assets are in the minors estate not the custodians.
It is likely the account will have to be partitioned; meaning the parties will need to show proof to the BK trustee of the amount of funds belonging to each account holder.
Determine who is the successor trustee
No. The trust must be reviewed and a successor trustee appointed according to the terms set forth in the trust. If there are no provisions for appointment of a successor trustee mentioned in the trust document then the matter must be brought before a court of equity for appointment of a new trustee. The court that appointed the conservator should handle the trustee issue as well.No. The trust must be reviewed and a successor trustee appointed according to the terms set forth in the trust. If there are no provisions for appointment of a successor trustee mentioned in the trust document then the matter must be brought before a court of equity for appointment of a new trustee. The court that appointed the conservator should handle the trustee issue as well.No. The trust must be reviewed and a successor trustee appointed according to the terms set forth in the trust. If there are no provisions for appointment of a successor trustee mentioned in the trust document then the matter must be brought before a court of equity for appointment of a new trustee. The court that appointed the conservator should handle the trustee issue as well.No. The trust must be reviewed and a successor trustee appointed according to the terms set forth in the trust. If there are no provisions for appointment of a successor trustee mentioned in the trust document then the matter must be brought before a court of equity for appointment of a new trustee. The court that appointed the conservator should handle the trustee issue as well.
You must review the trust document for the provision that addresses the appointment of a successor trustee.