Basic Rights Of Trustee

1
Basic Rights of Trustee
The court generally permits the trustee to
abdicate if continuing to serve will be an
unhelpful burden for the Trustee services and
then leaving will not be greatly adverse to the
trust. A settlor - interested trust may take on
the characteristics of either an interest - in -
possession, discretionary, or accumulation trust
services.
2

• A trust can not be canceled or set aside at the
  option of the settlor should the settlor change
  his mind or become dissatisfied with the trust,
  unless the Trustee services so provide. A trustee
  can not resign without the permission of the
  court unless the trust instrument so provides or
  unless all of the beneficiaries who are legally
  capable to do so consent to the resignation.

3

• The Courts generally will not place aside the
  choice of a trustee as far as the trustee made
  the arrangement in good faith after considering
  the settlor is expected purpose of the trust and
  the case of the beneficiaries.

4

• When a settlor does not directly designate the
  legatee, the trustee, or the trust assets, a
  trust is not made until the classification is
  made. Declaration of Trust A trust is organized
  by a declaration of trust when the owner of
  assets announces that she holds it as a trustee
  for the benefit of another.
• For example, a person can get out a life
  protection plan on his own life and pay the
  premiums on the policy.

5

• Thank You