How to nominate successor trustee if all named successor trustees have died?

Successor Trustees and Secured Credito 7 views 2 answers
My great aunt died several years ago and my mother and father were named successor trustees. My mother and father have both since passed away, but there remains one asset of the trust that needs to be distributed to me and my siblings as well as some distant cousins. How do I go about getting a successor trustee appointed in California, and is it necessary if all of the beneficiaries agree to get their share of the assets directly?

Attorney Answers

2
Peter G MilneTax LawyerTyler, TX ·
In general, you'll first need to look to the language of the trust document, which may contain a provision addressing this issue. Sometimes, trust language provides a mechanism whereby beneficiaries or a defined interested third party (e.g., creditor) may vote or nominate a successor trustee and who may (or more importantly, may not) qualify as the successor trustee. If the trust does not contain language addressing the appointment of a successor trustee, then look for a provision that permits the winding up or termination of trust when the trust becomes "uneconomical", or upon the agreement of all the beneficiaries. Finally, any interested party may petition a court of competent jurisdiction for the appointment of a successor trustee. In this matter, and especially because there is more than one beneficiary, I strongly suggest you consult with an attorney experienced in trust administration.
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Bryan Phipps ·
You first need to look at the trust. Most trust have a way of appointing additional successor trustees when those named are unable to act. If the trust does not have a named successor trustee or way to appoint one, you will have to file a petition with the court to have the court appoint a trustee to wind up the affairs fo the trust. In order to do this, I would strongly recommend that you consult with an estate planning lawyer familiar with trust administration. I can give you a referral in LA if you need one.
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