A Trust is a legal document containing a formal agreement between parties in which one party grants or vests the ownership rights (title) to one or more trustees for the purposes of conservation, protection, or preservation on behalf of the first party or beneficiary of the trust. This instrument normally and usually states: The reasons and purposes as to why the trust was established and the actions that will terminate the trust, a detailed record of what assets are placed and present in the trust, the authority and boundaries of the said trustees, the reporting requirements of the trustees, and other provisions associated to the trust. It may also state the compensation that the trustees will be receiving, if there are any.
A trustee resignation by definition is when a trustee wishes to resign from his position, letting go of all responsibilities, rights, titles, and any and all interests he or she may have had in the trust. The trustee may just leave after resignation but he may also appoint a successor trustee. This is a legal form that must be signed in front of a witness and must be brought to a notary public for notarization. In general, people must be careful when filling out this form and are encouraged to ask for help or consult with an attorney to ensure that they are abiding by the law or terms and conditions. One must resign properly to cut all ties that he or she may have had to a trust to make sure that they will not be held responsible for negative consequences that may happen after his or her resignation.
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I, __________________, Trustee of __________________________________ do hereby resign on _______________ (Date) all of my Trustee responsibilities, rights, title, and any other interest whatsoever I may have or had in this trust or trusts.
Before resigning, I appoint __________________________________________ (Name and address) as the successor Trustee.
In witness thereof, I hereby sign my Resignation as Trustee of the above trust (s).
This review list is provided to inform you about the document in question and assist you in its preparation. It is imperative you get this Trustee Resignation following the appointment of a Trustee to represent your interests in any way. You should get the Trustee to resign in one document in favor of yourself or your spouse or close relative, and in a second document, in favor of another of those parties. This must be done after the first agreement has been signed, and better if done a few days later. There is nothing to prevent you from first doing it at the initial closing contemporaneously with the close and then again a few days later. Keep the resignations in your safe and only use them if you find the need to do so. Again, an ounce of caution is better than a pound, or perhaps two!, of cure. This prevents trouble if you ever have a falling out with a Trustee on this or other matters, which is an all too common experience.