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A trustee has many duties
Submitted by elizabethcarlsen on
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A trustee has many duties
Submitted by elizabethcarlsen on
A trustee has many duties when handling the administration of an estate, and if you are unfamiliar with what to expect, you may soon feel overwhelmed by the amount of responsibility. There are several ways to resign from the position of trustee. First, you can resign as trustee if the trust document itself permits you to resign. The trust document may ask you to perform a specific procedure to resign, such as notifying all beneficiaries of the trust in writing a stated period of time before you resign or you may need to remain as acting trustee until a replacement trustee is named. If the trust document does not provide for a method of resignation as trustee, you may need to petition the Delaware Court of Chancery and request an approval of resignation. If you must petition the court for approval, there may be additional filing fees and court costs associated with your resignation as trustee. If you have additional questions about how to resign as trustee, contact the Delaware Court of Chancery http://courts.delaware.gov/chancery/.
A trustee has many duties when handling the administration of an estate, and if you are unfamiliar with what to expect, you may soon feel overwhelmed by the amount of responsibility. There are several ways to resign from the position of trustee. First, you can resign as trustee if the trust document itself permits you to resign. The trust document may ask you to perform a specific procedure to resign, such as notifying all beneficiaries of the trust in writing a stated period of time before you resign or you may need to remain as acting trustee until a replacement trustee is named. If the trust document does not provide for a method of resignation as trustee, you may need to petition the Delaware Court of Chancery and request an approval of resignation. If you must petition the court for approval, there may be additional filing fees and court costs associated with your resignation as trustee. If you have additional questions about how to resign as trustee, contact the Delaware Court of Chancery http://courts.delaware.gov/chancery/.