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 verify what they require for trustee organization! A Successor Trustee being the person who takes over when a Trustee is incapacitated, a Co-Trustee being a person who makes mutual decisions regarding the trust.
Related Articles
Does One Need to Name a Beneficiary
Every trust MUST name a beneficiary, but it does not need to be named in the Trust Corpus documents. In fact, it is explicitly stated that for privacy concerns, the beneficiary will be named in the Trust Minutes of the very first Trust Meeting. The ...
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.
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.
How Should An Officer or Trustee's Name Be Written
Typically it is suggested that a trustee have their name written (First Middle Last), but for an officer of a corporation that is not required as the position, company and statutory privileges are all public.
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).