Do Successor Trustees Have A Position or Title
No, they are simply named Successor Trustee. If so desired, the office of a Trustee they will replace can be named within their Successor Trustee Appointment form (e.g. Successor Trustee will take office of Executive Trustee upon appointment).
Related Articles
Can Successor Trustees Vote
No, unless it is in regards to election of a new Trustee or if the Successor holds a position on the Board of Trustees due to another incapacitation.
Does One Need to Name a Successor Trustee
This depends on the individual bank one is opening an account with. For example Chase requires a Successor Trustee, but TD Ameritrade requires a Co-Trustee, and other banks only require one Trustee to sign. Call the bank before the appointment to ...
Can One Name Children/Minors As Successor Trustees
No. Everyone must be of legal age and preferably knowledgeable from our training to be a trustee. Trusts are extremely difficult to administer if one knows nothing about them.
What If One Has No Trustees - Can A Trust Serve As Trustee
Yes, a trust may serve as trustee. However, this will not work for a situation where only one person sits on a board with 2 other trusts serving as trustees - simply because those trusts are are controlled by the one person/trustee. This is in ...
Does Protector Trustee Hold A Position on Board of Trustees
No, they are available to break voting locks and to protect the trust from a negligent or malicious trustee.