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RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 29410
Experience:  Texas lawyer for 29 years in Estate law
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what can I file to prevent a truestee from resigning before

Resolved Question:

what can I file to prevent a truestee from resigning before I can get him fired?
Submitted: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year ago.

Thanks for your question and good evening.Unfortunately a trustee has the right to resign in writing.He would still have liability for any acts or violations of his fiduciary duties.You really cannot compel a trustee here to remain as trustee.They have the right to resign and a new trustee or successor trustee may be appointed here to take their place.

And as I state the beneficiaries and new trustee can pursue any misdeeds or wrongdoing by the prior trustee.The trustee always has a fiduciary duty to the beneficiaries and the trust.So your best option would be to accept the resignation, appoint a new trustee and pursue the old one for any misdeeds as they would

personal liability in such a situation.

 

Maryland law for reference..

 

Maryland Estates and Trusts Section 14-403

Article - Estates and Trusts
§ 14-403.

(a) Any person having the right to transfer property to another person may create a trust as a transferor under this subtitle.

 

(b) The transferor may:

 

(1) As declarant serve as trustee;

 

(2) Designate a trustee;

 

(3) Designate how the trustee will be chosen;

 

(4) Designate successor trustees in the order in which they will serve; and

 

(5) Designate how successor trustees will be chosen.

 

(c) The trustee shall hold, manage, expend, and transfer trust property as provided in this subtitle.

 

(d) The successor trustee shall assume the responsibilities of the trustee when the trustee is no longer willing or able to serve.

 

(e) A trust may have only one beneficiary but more than one trustee.

 

(f) A trustee:

 

(1) Is not personally liable to a third person:

 

(i) On a contract properly entered into in a fiduciary capacity unless the trustee fails to reveal that capacity or to identify the trust in the contract; or

 

(ii) For an obligation arising from control of trust property or for a tort committed in the course of the administration of the trust, unless the trustee is personally at fault;

 

(2) May decline to serve as trustee before accepting trust property by notifying in writing the person who designated the trustee, or that person's legal representative; and

 

(3) May resign as trustee by notifying the successor trustee in writing, transferring all trust property to the successor trustee, providing the successor trustee with a complete accounting of trust property, and confirming that the successor trustee has accepted the trust property.

 

(g) The next willing successor trustee in line shall accept the records and trust property and become trustee as soon as practicable after:

 

(1) The resignation of the trustee;

 

(2) The declination of the trustee;

 

(3) The death of the trustee; or

 

(4) The removal of the trustee.

 

(h) If the trustee is unable or unwilling to serve and no successor trustee will serve, the following persons in the order listed may petition the court to designate a successor trustee:

 

(1) The transferor or the legal representative of the transferor;

 

(2) The trustee;

 

(3) The beneficiary or the beneficiary's legal representative;

 

(4) The guardian of the person of the beneficiary;

 

(5) An adult member of the beneficiary's family or that family member's legal representative; or

 

(6) A person interested in the trust property or a person interested in the welfare of the beneficiary, either of whom the court determines to have a legitimate interest.

 

(i) Unless renounced by the transferor, the transferor may at any time remove or change the designation of the trustee and successor trustees.

 

 


It has been my pleasure to assist you tonight.Please let me know if you have more follow up.Thanks again.

 

 

I hope that you will be so kind as to leave a positive rating. If you do have any additional questions about my answer please click the "Continue Conversation Link" so I can provide you with a fully satisfactory answer. Please be aware that any rating of 1 or 2 is reflected as a negative rating and I receive no credit for my answers.

 

 

 

This communication does not establish an attorney-client relationship.Information provided here is not legal advice. Rather it is simply general information.

RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 29410
Experience: Texas lawyer for 29 years in Estate law
RayAnswers and 6 other Estate Law Specialists are ready to help you

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