Citing a lack of specific intent and the absence of geographical limitations on successor trustees
, the Delaware court had no difficulty determining that the settlor of each trust did not intend for the choice-of-law provision to remain in effect permanently.
See In re Estate of Fedor, 356 NJ Super 218, 221, 811 A2d 970, 972 (2001) ("when the office of trustee passes from one person to another, the power to assert the attorney-client privilege passes as well"); Moeller v Superior Court, 16 Cal 4th 1124, 1131, 947 P2d 279 (1997) ("when a successor trustee
takes office it assumes all of the powers of trustee, including the power to assert the privilege with respect to confidential communications between a predecessor trustee and an attorney on matters of trust administration").
There are no debts to settle because the trust has been in effect for some time before death and will be in effect afterward, with the trust or successor trustee
managing things throughout the existence of the trust.
On August 1, 2014, certain of the Accepting Trustees (the "August 1 Accepting Trustees") accepted the Settlement on behalf of certain residential mortgage-backed securitization trusts and loan groups within such trusts (the "August 1 Accepting Trusts") for which they respectively serve as trustee, indenture trustee, separate trustee, and/or successor trustee
, subject to Final Court Approval.
Key Bank National Association, successor trustee
of Mary Jean Stevenson Family Trust, Muddy Creek Irrigation District and Lane County: Plaintiff seeks eminent domain acquisition of property near the Interstate 5/Coburg interchange.
Moreover, if a trust instrument requires that the successor trustee
be a bank or trust company, rather than an individual, the drafting attorney should confirm that the trust assets and provisions will be acceptable to a corporate trustee.
Events subsequent to formation in both situations 1 and 2: In both situations, subsequent to the PTC's formation, X, a financial institution that had been the trustee of each of the trusts since their inception, resigned and the PTC was appointed as the successor trustee
of each trust.
Moreover, the Smiths are in the process of establishing an irrevocable trust for the children, which will allow their assets to be managed by the successor trustee
(one or more persons chosen by the parents) until the children are old enough to collect.
If you are the primary trustee, it is important to name an alternate or successor trustee
to carry out your wishes when you die or to take over day-to-day management of your assets if you become incapacitated.
The absence of competent counsel at the planning stage also deprives the grantor(s) of essential discussions about the family dynamics, such as deciding a suitable successor trustee
or whether the final distribution at the death of the grantor be made directly to the beneficiaries or to the trust established for their benefit.
At least one successor trustee
should be named in the event the first one can't act.
as successor trustee
, and JP Morgan Chase Bank, National Association as successor bank (the bank).